Jobs deficit

This is with reference to ‘Railways receive two crore applications for one lakh jobs’ (March 27). One of the main reasons for unemployment is our failure to invest in infrastructure development, roads, health facilities and education, and our failure to tap the existing resources. It is pathetic to note that India imports minerals it can very well tap from existing resources.

A lethargic outlook towards development and economic growth has put the Indian economy out of gearand hence a country with a huge potential for growth is today facing large unemployment.

Thane, Maharashtra

In ‘NFRA starts off on the wrong foot’ (March 27), R Narayanaswamy hits the nail on the head. The auditing profession is presently in a very vulnerable position. Self-regulation is an eye wash.

There is a need to audit auditors, despite the existence of peer reviews. In view of the number of financial irregularities getting unearthed, normal auditing practice is required to become forensic type auditing to go beyond the figures represented or absent in financial statements.

ICAI should submit to independent supervision of activities of its members instead of allowing NFRA to become just one more body.

Bengaluru

The author is right in saying that the presence of three part-time members from ICAI raises doubts about the regulator’s neutrality. It is well known that auditors played a large part in the PNB scam.

It is not clear what the ICAI's council members can do which the other members cannot. The separation of the regulator from those it regulates is a fundamental principle of good governance. CAs elect members to the ICAI’s council to represent their interests and not to protect the interests of investors, creditors, tax authorities and stakeholders.

Bhimavaram, Andhra Pradesh

SEBI has done well to clarify guidelines regarding shell companies in terms of business operations and total assets.

The initiative to increase the accountability of auditors and valuers, forcing the exchanges to conduct an independent audit of shell companies, and a series of regulatory reforms targeted to prevent money-laundering and tax evasion attempts are much-needed steps at a time when the markets are witnessing a turbulence. Further, higher trading charges and margin requirements in low-volume illiquid securities will discourage retail investments in dubious shell companies and mitigate market risks, besides leading to an increase in revenues for the exchanges.

Delhi

Be it stupidity, human frailty, error of judgment, ‘brain-fade’ or something else, the ball-tampering incident at Cape Town should be unequivocally denounced as a scandal. Without being influenced by race, nationality or any other consideration, the ICC should fit the punishment to the premeditated crime.

However, there is no need to blow the cheating episode out of proportion when we have a thousand and one serious things to be concerned about and expend our time and energy on.

Maruthancode, Tamil Nadu

Once a citizen is a victim of Aadhaar misuse his life is ruined. But the Government is forcing it on the illogical basis of security and to save government finances. Only when MPs become victims of Aadhaar leakage will they realise its dangers. It is much more harmful than Facebook. Facebook is not forced but Aadhaar is forced by the Government. The less said about its manipulation the better. Once information goes online it can never be cent per cent safe. Security measures are of no use. Such data never remains private. This is the basic principle of net use. The Supreme Court must strike down Aadhaar in toto.

New Delhi