Apropos of the news story Firms must give declaration before raising public funds (FE, June 24), of late, the government has risen from its deep sleep to safeguard the small investors' interests. How companies such as Saradha were allowed to siphon off public money with the allurement of dream returns before the careful eyes of the watchdogs Only written laws are not suffice to alleviate the sufferings of small investors who have lost their last sustenance in the traps laid by these unscrupulous companies. These poor fellows cannot be entirely blamed as returns in post offices, banks, LIC, etc, are much lower compared to those claimed to be offered by them. What is of prime importance is to educate these semi-literate persons against the evils of parting their hard earned money in these death traps. Otherwise, such unfortunate incidents will continue to reoccur, pushing them into dire straits.
Howrah, West Bengal
Right gas prices, right rupee
The UPA government has Approved the near doubling of natural gas price to $ 8.4 from April 1 next year (FE, June 28). As pointed out in your editorial The other side of gas (FE, June 26). power tariff, fertiliser cost, etc, will rise, so will government revenue. But whatever reasons the government may present to justify the rise, it may not be able to erase the deep impression created in public mind that it is a move to help Mukesh Ambani. There is yet time to consider some changes. At the same time, the current account deficit at 4.8% in 2012-13, the increasing external debt and sliding rupee are matters of great concern. The government should at least stop adding more and more subsidy. We have to avoid living on debt and. It will be good if we create a fund that could be used to repay debt slowly and steadily, but surely. Here it must be added that the fall in the value of the rupee below the 60 to a dollar mark need not cause any undue worry. The best thing is to leave it to settle at the right place and to use it to our best advantage. The Reserve Bank of India has done well to relax ECB norms that Companies can use overseas debt to pay for import of services (FE, June 27). Further, we should use this opportunity to give a spur to our exports and give an impetus to go ahead with our reform process, disinvestment, restructuring procedures to attract foreign direct investment and so on.