RBI and Chicken Tikka Masala 

You must give it to RBI Deputy Governor Michael Patra for his frank replies (on tricky economic issues) that are often laced with humour.

To a question on the rupee, Patra said RBI was focused on taking forward the process of internationalising the rupee. To buttress his point, Patra highlighted how the rupee is already truly international today — the volume of rupee traded in London is three times the level done locally. Moreover Indian diaspora is the biggest in the world and India is truly getting international — the national dish of UK is Chicken Tikka Masala, he pointed out, sending the audience into peals of laughter.

To Russia with Love

Several MSMEs and export houses are still keen to know if they can once again do rupee invoicing on exports to Russia. When RBI Deputy Governor Michael Patra at an event was quizzed on the status of Rupee-Rouble agreement, he came up with a politically correct answer without giving away anything to those assembled on what’s in store as regards revival or a new ‘rupee rouble arrangement’.

Patra said that the RBI will do whatever the government decides! “We will be part of that blueprint,” Patra said implying that RBI will go with the government’s decision.

One member from the audience cheekily murmured that hopefully any proposed arrangement does not end up being a Perestroika for Indian exporters!

Taxman gets lonely 

Addressing a business conclave in Chennai, Sunil Mathur, Director General of Income Tax Investigation (TN & Puducherry), noted that government was not far behind the industry when it comes to tech adoption. He recalled how the income tax and indirect tax departments have completely digitised various processes starting from return filing to refunds to ease the burden of tax payers.

Lauding the faceless Income Tax assessment scheme as 'transformative', Mathur, in a lighter vein, said, it has, however, made the assessing officers (AO) so lonely as they no longer have visitors (tax payers) for face-to-face interaction.

Technical glitches 

The Securities Appellate Tribunal last week was inflicted by connectivity problem.

Cases of some of the high-profile companies such as the National Stock Exchange, BSE (against SEBI order with respect to Karvy case), IL&FS Securities (against NSE Clearing order), Nirmal Kotetcha (infamous Pyramid Saimira case) and Way2Gains, Capital Mirror and Astro Capital Solution ('illegal' investment advisory services) could not be taken on June 20 due to connectivity problem, leading to some of the cases to be adjourned to as far as July 28.

A Gandhian’s ‘gyaan’ for Shah 

Home and Cooperation Minister Amit Shah had a novel explanation for the soul of cooperation. At a recently-held convocation of Institute of Rural Management, Anand, Shah recalled an encounter with a Gandhian during his teenage days.

He once went to Gujarat Vidhyapeeth Library (in Ahmedabad) to get a vedic text — Taittiriya Upanishad, where he bumped into a senior Gandhian. On seeing the book, he asked, “You look too young to read it. What will you do with this book?” Shah replied, “It is to enrich my gyaan (knowledge). My guru says my learning would be incomplete without reading it.” The next question puzzled Shah.

“What do you mean by gyaan?” When Shah was unable to answer, the gentleman explained, “Gyaan is to move further from ‘Swa’ (self) to ‘Par’ (others).” Appealing the graduating students to work for welfare of others, Shah said, “In one sentence he explained me the real meaning of gyaan, which is to think for others.”

Tailpiece 

Ravi Viswanathan, Managing Director of TVS Supply Chain Solutions Ltd, addressing members of the Rotary Club of Madras East on the digital transformation for organisations, said after 30 years in TCS, he wondered if it was because of a typo he joined TVS as C and V are beside each other on the keyboard! Our Bureaus