Letters

Letters to the editor dated November 26, 2021

Updated on: Nov 26, 2021

Right decision

The government is rightly proposing to ban all Crypto Currencies. Cryptocurrencies are an artificially created wealth instrument and are not backed by the government or RBI. They serve the private interests of a few rich people.

It is neither in public interest nor does it serve any public, social or economic purpose. That people have invested in cryptos is no justification to give it any government recognition.

It is now necessary to introduce laws relating to taxation of crypto wealth, income and gains and likewise of any similar artificially created self serving wealth instruments. Law should require disclosure of crypto holdings, trades and gains and provide for punishment of offences relating to the same.

Exchange of cryptocurrencies to legally valid currency and any market making with legal tender should also be banned.

BS Iyer

Bengaluru

Instant credit gratification

With reference to the Editorial “Timely move “(November 26), the growing consumerism ushered in the emergence of multiple digital lending platforms, which are providing instant credit to the aspirants with no documentation.

The absence of proper regulatory code of lending and lack of digital literacy of borrowers, has led to KYC data piracy besides levying unethical charges by these entities.

Majority of the lending service providers ought to have prior tie-up with NBFCs and micro finance institutions, who will be the ultimate lenders and in case of any wrongdoing, the accountability primarily lies on the erring institution resulting in systemic risk and collateral damage.

The comprehensive review of the digital lending activities by the working group of RBI is timely and there is a need to bring stringent regulations thwarting the free entry of digital lenders to protect the interest of consumers.

Sitaram Popuri

Bengaluru

AC-only trains

This is with reference to the article ‘Shift to AC-only trains, a cool option’. This is a welcome proposal that would increase the occupancy ratio. But the complete scrapping of passenger trains is also unadvisable.

More over when you switch on to AC trains risk factor increases as there is every possibility of short circuits in AC coaches.

Railways at present lack in maintenance and cleaning of coaches especially in higher class coaches like I st AC and 2AC. This needs to be improved a lot as the passengers paying a high price for these classes expect more comforts.

Another important feature observed in Ist AC is the allotment of confirmed berths at the last minute and senior citizens are inconvenienced when allotted upper berths. Railways wait till the last minute for any VVIP like political leaders. Lower berths must be allotted at the time of booking itself.

In general all VVIPs prefer either flights or car for their travel and few of them prefer trains. Hence this should be changed.

TSN Rao

Bhimavaram (AP)

This refers to ‘Shift to AC only trains, a cool option’ (November 26). Indeed it is a good move to shift' AC only trains' which could provide a comfortable journey to passengers of all category at affordable fare.

But the cost factor is a major concern for a public utility entity which is already running at a high operating cost leaving little as surplus for investment in augmenting safety and modernisation. Hence this idea of running AC only trains depends upon financial feasibility of Railways.

While running a new service the Railways must at least break even. This must be a long term mission of Railways since the already manufactured non-AC coaches will last up to 2045 in spite of shortening their life to 24 years from the previous standard of 36 years.

Hence any short-term measure will further burden the Railways’ finances.

NR Nagarajan

Sivakasi

Published on November 26, 2021

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