Letters to the editor dated October 28, 2021

With reference to news report ‘Cash is still ‘King’ as digital divide between Bharat and India continues’, contrary to the claims that India has made on the digital front in recent times, cash is still king here.

Demonetisation was thought to be a big leap towards creating a cashless economy, but cash transactions are back with a bigger bang. India is unlikely to go cashless anytime soon — in fact, Germany is among the few nations to have achieved this objective. Even in Japan only 18 per cent of transactions are cashless.

Human beings have been using cash for a millennia. And it remains indispensable for the vast majority in India, especially for small everyday transactions. The Supreme Court has said that privacy is a constitutional right; an electronic trail for every purchase or transaction is the last thing we need today. But what is the benefit of a cashless society? Greater surveillance.

Whether India can go digital on transactions depends on a seamless internet. Cases of cyber theft are on the rise even as digital penetration is modest in the country. Ensuring the safety of transactions is crucial, as most of the people are not tech-savvy.

Until the right security systems are in place, cash is the best and safest way for transactions.

Bengaluru

With reference to the article ‘How to combat anaemia effectively’ (October 28), anaemia is the single largest deficiency that is affecting the children in the country.

Despite the significant increase in foodgrains production people do not have a balanced diet. While fortifying rice with micro nutrients may help that may not be sufficient as rice is not staple food for many. The government should carry out periodically blood tests in schools to assess the haemoglobin levels and provide necessary nutrient support to children. The free meal schemes should be modified to have milk and fruits and the cost can be covered under CSR of corporates.

Mumbai

The setting up committee to examine Pegasus allegations after Centre's wishy-washy arguments was the Hobson’s choice before the Supreme Court. Bit the apex court should have set the time lines for the probe’s conclusion. Second , in case of non-cooperation by the Centre in aiding the probe what shall be the remedial action? Time and again the Court has chided the government for delaying tactics on various other issues.

Lastly will the members of committee be allowed to conduct a free and fair probe?It is quite likely in the coming days some members may excuse them from the inquest thus throwing probe into the limbo.

Noida

A recent RBI study on the auditing of financial statements of banks and FIs has highlighted the lackadaisical approach of auditors. Auditing by central auditors is done to find out any information that is not found in their audit, omission of which would have led to the companies’ loss afterwards, the recovery of which may be quite impossible which may led banks under losses.

This casual approach is because there is no penalty for such auditors. It was only recently that Haribhakti & Co was banned by RBI for two years.

Auditors must be given sufficient time to conduct audit of a branch where loans above ₹100 crore . As the RBI Governor said, a holistic approach is required while integrating technology tools in audit.

The quality of auditing must be improved and any diversion of procedures done must be brought out . Henceforth auditors must be more careful.

Bhimavaram (AP)

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