Letters to the editor dated July 1, 2021

This refers to the interview with Finance Minister Nirmala Sitharaman (July 1). The Finance Minister has dealt with the questions posed with great aplomb, but the clarifications offered on controlling the spiralling fuel prices were less-than convincing. On the issuance of oil bonds, it was stated that the government abhorred the same as it lacked transparency.

To manage the fiscal deficit, the government resorts to public borrowing by floating government securities, which is part and parcel of managing the economy. Floating oil bonds is no way different from the same. If oil bond issuance is not part of the agenda of the government, what plans are on the anvil to stop the unabated rise in petrol and diesel prices, whose excise duty has been hiked steeply?

Issuance of oil bonds to keep in check the galloping international crude oil price is not new and has been resorted to by various governments since 2002. Instead of treating it as an anomaly, the government could have taken advantage of the prevailing low interest rate to issue oil bonds whose maturity period generally range between 15-20 years and whose payments are staggered. Along with the same, bringing fuel prices under GST could have brought succour to the consumers.

Chennai

Apropos ‘Blossoming green bonds’ (July 1), indeed these bonds are an enabler in the fight against climate change and also for access to green finance. The proceeds from green financial instruments are used for projects and initiatives with low carbon footprint and promote inclusive and sustainable development. GIFT IFSC, which is India’s first operational greenfield smart city project, is becoming a preferred platform for listing of green bonds and also as an international financial centre. India’s push towards green finance shows its commitment to adhere to the Paris Accord.

Sivakasi

Revenue stamp is required for receipts of amounts of ₹5,000 or above even though payment is made through banks. This useless colonial practice at times results in signed receipts becoming invalid as a major portion of signature vanishes if the revenue-stamp is not gummed properly. The government should do away with the requirement of revenue-stamps for any receipt either by cash or through bank. If needed, special receipt-papers printed at a government press on the lines of stamp papers may be introduced for transactions of, say, ₹50,000 and above. And such receipt-papers should be made available at all post-offices and bank branches.

Delhi

Time and again the apex court has upbraided the Executive for the delay in implementing the ‘One Nation, One Ration Card’ scheme. Paradoxically, foodgrains are overflowing and rotting in FCI warehouse even as many are in desperate need of food. Further, the public distribution system is inherently faulty and bedevilled by black marketing and poor quality of foodgrains.

Some other robust mechanism ought to be evolved, such as providing food coupons to eligible people who can procure foodgrains from any part of the country through authorised grocery shops. The shopkeeper can redeem such coupons from a designated government office.

Noida

This is with reference to ‘ How India Inc can assist in the Covid battle’ (July 1). This is the right time for companies to make full use of their CSR funds and help the lesser privileged people, vulnerable employees and also assist the government in fighting the battle against Covid. If implemented in the right spirit, the CSR can work wonders in India, where a large section of the population is deprived of basic necessities of life.

To implement CSR , the company must choose a leader who not only has expertise (not necessarily academic) but also empathy for the deprived classes of society.

Thane

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