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This refers to your edit, ‘Divided on dividends’ (September 8). There is nothing wrong with the Centre expecting the RBI to pay dividends as the former is the latter’s parenting entity. Chapter IV Section 47 of the RBI Act stipulates: “After making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation funds [and for all other matters for which provision is to be made by or under this Act or which] are usually provided for by bankers, the balance of the profits shall be paid to the Central Government.”
But the RBI is not like any other company owned by the Government. The technical committee to review the form of presentation of balance sheet and profit and loss account of the RBI had even recommended that the nomenclature ‘Profit and Loss Account’ is a misnomer and it should be replaced by ‘Income Statement’. The committee had recommended that adequate amount of profits should continue to be transferred each year to the contingency reserve. Hence it will be prudent to transfer only surplus funds to the Government after making adequate provisions for present and future liabilities and there should be sufficient cushion with the RBI to meet contingencies.
S Kalyanasundaram
Don’t interfere
With reference to ‘Failure is part of the innovation process: Karnik’ (September 8), we should learn from Silicon Valley where risk-taking and failure are encouraged and entrepreneurs are heroes. Failure is a stepping stone to success. So there is no social stigma. On the contrary it is considered a badge of honour because it shows you tried.
The Indian government should give all possible encouragement to entrepreneurs with minimal interference. Innovations can never take shape if there is government/political interference. It is also telling that the Silicon Valley is dominated by Indians. This is brain drain and successive governments and their policies should be blamed for this.
Veena Shenoy
Thane, Maharashtra
Leave RBI alone
Whether one likes Raghuram Rajan or not, one is drawn to him in a debate on leading the way forward. Like his predecessors, he also seems to feel that the RBI should have more functional autonomy. The RBI has a rich legacy and should be allowed to take independent decisions on matters within its purview.
Srinivasan Umashakar
Nagpur
Calypso charmers
‘Hope of a new dawn’ by Baskar B (From the Viewsroom, September 8) would have revived the memories of those who grew up watching cricket with the three Ws — Frank Worrell, Everton Weekes and Clyde Walcott — on the field. West Indian players bring a charm of their own which is a heady blend of skills, stamina and strength and inexplicable unpredictability — they look equally invincible and vulnerable.
YG Chouksey
Pune
Stop the cow vigilantes
The direction of the Supreme Court for States to put an end to the despicable trend of assaulting and killing people under the guise of cow protection, through the appointment of a nodal officer at the district level is welcome. This must be implemented in letter and spirit.
Increasing instances of violence by cow vigilantes against those indulging in cattle trade and exporting bovine meat in several parts of the country in recent months gave rise to a vociferous demand for stringent action against these elements who are a law unto themselves. It is an indisputable fact that cow vigilantes have a free run and feel emboldened to persist with their vigilantism by defying the law in BJP-ruled States. Cow vigilantism, which draws upon the politics of majoritarianism, minority bashing, hatred and bigotry, has no place in a society wedded to the principles of democracy and secularism. While the Prime Minister has unequivocally condemned the killing of people in the name of cow protection, much needs to be done to ensure his words are heeded by his partymen on the ground.
M Jeyaram
Sholavandan, Tamil Nadu
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