Clean note policy
Refer to the ‘Withdrawal of ₹2000 note, a prudent step’ (May 23). Even though the digital payments system has achieved exponential growth yet it is fraught with shortcomings.
However, the withdrawal of the ₹2000 as part of RBI’s clean note policy will hit those who have hoarded the high denomination note. Since the remittance and payment systems are well-developed and created an enabling environment for trouble-free transactions the withdrawal of ₹2000 notes will not affect the economic activities.
There is a high possibility of using the Jan Dhan accounts to deposit these high-denomination notes. Banks have encountered such situations during the demonetisation of ₹500 and ₹1000.
Banking regulators and Income-tax authorities must step up their surveillance to prevent black money from getting accounted.
VSK Pillai
Changanacherry
Figures and projections
This refers the report ‘May inflation inching down to 4%’ (May 23). Read with RBI’s expectation of GDP growth at 7.6 per cent for Q1, the outlook is brightening.
RBI had on earlier occasions expressed disappointment about the timely availability and accuracy of data. The 60 bps gap between RBI’s not so old forecast and the Nomura estimates of Q2 CPI inflation gives credence to the oft repeated concerns about availability of reliable data.
Let’s hope those responsible for making sure availability of accurate database are listening.
MG Warrier
Mumbai
Transparent disclosures
With reference to “Levelling the field” (May 23), the robust surveillance mechanism of SEBI has significantly plugged the gaps in disclosure norms and the code of conduct in respect of UPSI by the listed entities.
However, certain vested interests with collusion of insiders, are misusing sensitive information for personal gains.
Though majority of the listed entities ensure strict compliance of complex listing obligations, there is a fair possibility of their missing out the controls due to improper interpretation of categorising any specific material or non-material event falling under the ambit of UPSI.
Hence, keeping in view, the various avenues for misusing sensitive information, the need for corrective measures should be on an on-going basis and the steps initiated by the securities regulator is in the right direction.
Sitaram Popuri
Bengaluru
Japanese upswing
Japanese are sticklers to rules and etiquette and follow them meticulously (“With masks off, the Japanese are relearning how to smile”, May 23).
Unlike in other parts of the world, Japanese must have worn the facial masks at all times in the last three years. However, going to a “smile coach” to learn how to smile is a bit strange. Probably, the Japanese “smile education” may be resulting from a psychological block arising from continuous wearing of mask, hence the need for bit of coaching.
However, trying to find the “economic value of a smile” is stretching things too far. A smile would definitely lighten the atmosphere. But quantifying the value of a smile is impossible. Whatever be the parameters taken into account by Bangor University researchers to arrive at the value of smile as a measly one-third of penny, one tends to believe that a smile is invaluable anywhere, anytime and on any occasion.
Kosaraju Chandramouli
Hyderabad