Monday, September 7, 1998
Jalan alerts Sinha
The Reserve Bank's latest annual report (1997-98) is less monetarist than its immediate predecessors. There are three good reasons for this. First, the rate of price rise has accelerated this year, but principally because of the 3.68 per cent decline in agricultural output in 1997-98. Monetary expansion is not the villain of the piece. Second, money supply has expanded faster in the current year, but this is substantially an accounting exaggeration.
Book the culprits
Reports indicate the centre will promulgate a separate edible oil packaging order in the next few days under the Essential Commodities Act making it mandatory to market edible oils, including mustard oil, in packed form. The measure has been contemplated after more than 40 deaths owing to consuming mustard oil adulterated with argemone.
Laundering bill provisions need rethink
While the punitive provisions in the recently introduced bill on prevention of money laundering have been generally welcomed, the unduly broad nature of the bill, which provides for harsh punishment even for relatively lesser evils like white-collar crimes, are a cause for concern. One such provision is relating to falsification of accounts.
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