This refers to ‘Taxing virtual digital assets is hard’ (February 7). The views expressed need to be seen in the context of the opinion shared by the Finance Secretary during the ‘Decoding the Budget’ virtual summit organised by this newspaper. The Finance Secretary had expressed the view that irrespective of the nature of source of income — legal/illegal and/or regulated/unregulated — the income generated would be taxable. But such a stand will exacerbate the problems faced by income-tax authorities.

In the case of crypto, which is construed as a virtual asset, the government has not taken a stand on the ’legalisation’ part but has decided not to term the activity as ‘illegal’ too. Nevertheless, the government has decided to tax income generated out of it. Through this stance, it seems to think it can “have the cake and eat it too”. The downside risk of such a stand is enormous.

If the government postpones its stand on the legality of cryptos, it would lead to tax evasion and will serve as a breeding ground for money laundering. Proliferation of sites like “Dark Web” could enhance the challenges faced by the government. The fact that $3.2 billion worth of cryptocurrency was stolen in 2021 across the world proves the point. Hence there is an urgent need on the part of the government to take a firm stand on all private cryptocurrencies at the earliest.

Srinivasan Velamur

Chennai

Lataji’s genius

If fate had not left a 13-year-old Lata in the early 1940s to fend for her mother and siblings, she might well have become a doyen of classical and folk music to perhaps seed an illustrious Mangaeshkar gharana of Indore. Clearly, she was destined to preside over a far larger musical canvas that was set to unfurl in all the lasting vividness of soulful melody.

Into that era dominated by heavier classical female voices, Lata had tiptoed in with her vibrant high notes, even as composers were exploring newer avenues in cine music. Lataji’s amazing fluidity over notes could induce every one of them to boldly venture into unprecedented variety in orchestration, to match the nuances that her voice could so unceasingly conjure up. In short, Lataji was as much indebted to her composers as they were to her genius, a truly blessed jugal bandhi.

R Narayanan

Navi Mumbai

A huge void

The massive void left behind by India’s nightingale will not hard to fill as a talent like her comes only once in a century. Though her physical presence would be sorely missed by her fans, she would remain immortal through her voice and thousands of melodious songs. Her touching song from the 1966 movie Mamta, “Rahe na rahe hum mehka karenge”, comes to life now.

What a coincidence that just a day after Basant Panchami, Goddess Sarswati took her most loved child with her to heavenly abode. During her life she did hundreds of charity shows for soldiers to the World Cup winning cricket team, which goes to show how great and noble a soul she was.

Bal Govind

Noida

Railways’ capex

This refers to the editorial ‘The long haul’ (February 7). The proposed step up in Railways’ capex is welcome given the extensive need for track doubling, electrification, rolling stock modernisation, and for new generation fast trains such as Vande Bharat trains. Recent significant improvements in cleanliness of railway stations and trains (bio-toilets), and new facilities are ‘catch up’ measures after decades of neglect and misuse of the Railways as a political tool.

There must be greater efficiency, transparency and accountability in capital expenditure. To avoid a debt trap, the Railways must be subjected to greater financial scrutiny. Pricing of railway services must go beyond political considerations.

V Vijaykumar

Pune

Focus on safe travel

The resolve of the Centre to make the Railways the prime mover of goods and people is laudable. But the obstacles are many and resolve alone will not solve anything. It would be a mistake to view the Railways merely from the prism of economics. The Railways is the life blood of the nation connecting people and ideas. It is also the largest employer in India. The romanticism of a train journey cannot be matched.

The government must first provide safe, convenient and affordable travel before embarking on grandiose schemes, which are designed to benefit only a miniscule of the population. Before opting for all the plush trains and swanky platforms, how about targeting a zero accident year?

Anthony Henriques

Mumbai

Agriculture credit

This is with reference to the article ‘Changing complexion of agriculture credit’ (February 7). The many problems facing rural India can be solved by motivating the youth to take up agriculture and allied activities. This can be done not by subsidies and freebies but by educating the rural people to take up agriculture as a profession. Credit facilities with low rates of interest should be given to farmers/rural residents for the construction of cold storage systems, buying organic fertilisers, food processing, etc. Agricultural experts like Suhas Palekar should be roped in to guide farmers to increase yield without using harmful pesticides

In the absence of good roads, farmers are unable to take their produce to long-distance markets which will fetch them a good price. Hence the building of good roads is vital. The movement of foodgrains should be made easier by making inter-State transport of foodgrains easier by removing unnecessary legislation/bottlenecks. Petty politics should not come in the way of the movement of foodgrains.

Low interest loans should also be extended to rural handicraft/cottage industries, horticulture, etc. NGOs and agricultural experts should be roped in to guide farmers about the various schemes of the government and banks.

Veena Shenoy

Thane

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