Letters

Letters to the editor dated November 25, 2021

| Updated on November 25, 2021

Don’t ban cryptos

Given the increasing demand to regulate cryptocurrency, the union government is likely to introduce the Cryptocurrency and regulation of official digital currency Bill, 2021 to pave the way for a digital currency issued by the RBI while prohibiting all cryptocurrencies.

While there are legitimate concerns about cryptocurrencies, their outright ban cannot be a pragmatic solution.

Meanwhile, the country cannot afford to persist with its dilly- dallying on the question of defining whether cryptocurrency a currency, or asset or commodity.

Regulation not an outright ban on cryptocurrencies is the need of hour.

M Jeyaram

Sholavandan (TN)

Taxing times

With reference to ‘Cutting taxes sensibly’ (November 25), despite taxes being key to revenue mobilisation for the government, the action of lowering and or enhancing taxes is still a political decision.

Demand revival is crucial to the revival of an economy that is ravaged by the Covid pandemic. Compelling consumers to use other sources of energy instead of petroleum products is imperative rather than imposing higher taxes because of the inherent merits of lower rates of taxes.

Reasonable rates of taxes are essential to boost sentiments, and private investment to create more employment opportunities. Government must make a review of the entire taxation system.

VSK Pillai

Changanacherry (Kerala)

The oil conundrum

This refers to the Editorial “Slippery Strategy” (November 25). One wonders if US is on the right track with its policy decisions be it withdrawal of its troops from Afganistan or its strategy on forming alliance to check crude oil price rise.

The decision to rope in countries like China, India, Japan, South Korea and UK as part of a strategy to rein in galloping oil prices by putting pressure on OPEC+ cartel to increase their daily oil supply is ill conceived to say the least. As far as US is concerned its extraction of oil from shale has drastically reduced its dependency on OPEC for supply of crude oil. Same is not the case with other countries with whom US wants to form an alliance.

Iran which is under sanctions contributed about 13 per cent of global oil reserves as at the end of 2018. India had to stop importing crude oil from Iran due to US sanctions on Iran. It is time that India walk a middle path and desist from taking sides in the geopolitical competition between countries in its best interest.

Srinivasan Velamur

Chennai

Bolster food storage capacity

With reference to the news report ‘Who will introduce reforms in APMCs?’ (November 25). APMC rules should be modified to suit the interests of the farmers, especially small and marginal farmers. good storage facilities should be made available.

Due to lack of storage facilities our farmers are often forced to sell their bumper stock to middlemen at cheaper rates. Farmer can be encouraged to build good storage system on co-operative society lines, which can be financed by banks. This will prevent unauthorized middlemen to hoard grains.

Secondly absence of good roads, prevents farmers from transporting their crops to long-distance markets where they can get good prices.

Hence good transport system plays a vital role in curbing food inflation. Thirdly movement of food grains between States should be made easier by removing bottlenecks. Instead of freebies and subsidies, let us improve our infrastructure, storage facilities, and most important our farmers’ health and finances to enable bumper crops. With free and convenient movement of crops and vegetables we can arrest the rotting of grains and vegetables.

Veena Shenoy

Thane

Published on November 25, 2021

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