Letters

Letters to the editor dated September 15, 2021

| Updated on September 15, 2021

Jumping the gun

With reference to the article ‘Is India winning the Covid battle?’, more than half of our population has received at least one vaccine dose and about 17-18 per cent have received both the doses, which is a good progress.

But stating that we are winning the battle would be jumping the gun. Let us wait for some more months and keep up with our vaccination pace.

The medical fraternity are still not sure about whether or not a third wave will come and what kind of intensity it will have. Moreover what we are witnessing in Kerala and some parts of Maharashtra, calls for more vigilance on our part.

Right now the government’s priority should be on vaccination especially in the rural areas.

Bal Govind

Noida

Crypto concerns

With reference to the article ‘Re-examine crypto policy’ (September 15), as per the traditional definition of money it has four essential characteristics — a medium, a measure, a standard and a store. In these terms, crypto currency cannot be called a full fledged money as it is not a standard or a measure.

Its value keeps fluctuating as per demand and supply and it is at best an asset class like any other commodity and has limitations from the regulatory angle.

The government’s concern stems from the issues related to terror funding and benami transactions. Since crypto currency has got recognition in many countries the government should make its stand clear and may bring in controls by linking investors to bank account, Aadhaar, PAN etc and by licensing the dealers.

M Raghuraman

Mumbai

Audit rows

With reference to the news report titled ‘CA Institute lashes out at NFRA over TAC report’ (September 15), we must not overlook the history of ICAI’s failures which led to the formation of NFRA. One can understand why today ICAI looks at NFRA as a threat.

In the past, ICAI did not take prompt action against its members who had failed to discharge their duty as statutory auditors of listed public limited companies. ICAI’s poor regulatory record serves as an argument against self-regulation.

The prosecution rate of the offenders is too low, and the whole process drags on for years.

Obviously, both ICAI and NFRA must work together to ensure that the interests of all the stakeholders.

CA Narendra M Apte

Pune

Realising electronics’ potential

With reference to the article ‘Catching up with China and South Korea’ (September 15), even though India wants to become a global hub for electronics manufacturing, the prevailing conditions are not conducive to manufacture the key components like semi conductors and display, thanks to the paucity of investments and reliance on Chinese imports for key components.

Mere assembling of components would never gain global prominence and India ought to produce key components such as semi conductors. Like China and South Korea, Indian electronic manufacturers must given hassle-free, long-term finance at low rate of interest, tax concessions, adjustment of import-export tariff rates, free land with Special Economic Zones status and bring them under cluster management to augment capacity.

Mere assembly of imported components will not earn global status in the manufacturing and export of electronic goods.

NR Nagarajan

Sivakasi

Published on September 15, 2021

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