Tackling wilful defaulters

Apropos ‘RBI cracks down on wilful defaulters, sets out procedures for lenders too’ (July 31), wilful default has been a serious issue for a long time and it is appropriate that the regulator, RBI, has come out with a structured procedure to identify and act upon such cantankerous borrowers. Just as in the case of sanctioning of new credit facility, where the bar is for five years after removal of defaulter’s name from List of Wilful Defaulters (LWD), wilful defaulters should be denied additional credit also for five years after removal of name from LWD. Otherwise, such borrowers would siphon off or divert sanctioned funds without any fear of denial of additional credit, as the banks will anyway sanction the same just after a short duration of bar of one year.

Kosaraju Chandramouli

Hyderabad

Taxing insurance premium

‘Gadkari urges FM to withdraw GST on life, medical insurance premiums’ (July 31), highlights the significance of the matter and bodes well for the industry, specifically the public — insured as also prospective buyers. That GST on insurance premiums amount to tax on the uncertainties of life is reason enough for rescinding it. The letter urging the Finance Minister to review GST from her Cabinet colleague and a veteran kindles hope that the GST on insurance premium will be done away with.

Jose Abraham

Vaikom, Kerala

Simplify ITR filing

The Budget has been received well by most businessmen and economists. While the removal of indexation benefit is seen as a negative, there are several positives too. Authorities could now focus on simplifying the ITR filing process. For example, in the form, one is required to select between the old and the new regimes. This could have been achieved by simply asking filers to tick any one box — old or new. Instead there is a long winding sentence stating, ‘Do you wish to exercise the option u/s 115BAC(6) of opting out of the new tax regime?’ Now one has to first read and understand the above section. Further, instead of giving all personal details, PAN should be enough because all details are embedded therein. Also, there must be continuity, without frequent tinkering with tax slabs and rates.

V Vijaykumar

Pune

Wayanad tragedy

This refers to ‘Landslides in Wayanad kill over 120, many feared buried under debris’ (July 31). The death toll in the series of landslides in Wayanad has risen, with hundreds left injured and trapped. The landslides have caused massive destruction to houses and roads, uprooted trees and led to water bodies to swell. Warming of the Arabian Sea is said to be the reason for the extraordinary rainfall which triggered the series of landslides in Wayanad. India has to concentrate on climate change. The government should use advanced technology to know more about impending heavy rainfall, which could warn and help save people’s lives.

P Victor Selvaraj

Palayamkottai, TN