Signs Of Trouble

Updated: Jul 31 2004, 05:40am hrs
The article, Signs of trouble in the financial sector (July 29) by PN Vijay, was an excellent write up. Why is it that it is always the common man who has to bear the brunt of the scams
Whether it is the UTI scam, GTB fiasco, capital market manipulations or IPOs by fly-by-night operators, it is the common man who is the victim. Many citizens have lost their hard earned savings and culprits always get away scot free. Is it not the responsibility of the Reserve Bank of India to have overseen the functioning of all banks, including private banks Now a nationalised bank is being used to hush up the GTB fiasco!
BP Baliga

AIR Is Draconian
It cannot be gainsaid that the requirement of sending an Annual Information Return (AIR) as proposed in the Finance Bill 2004, interalia, by all assesses in respect of transactions of loan, expenditure, etc in the prescribed form after April 1, 2005 is draconian in nature as it will result in undue harassment of most tax payers without any significant gain in revenue.
The I-T department, our experience shows, is not even able to utilise the information available in its records. Hence the proposed rules should not cast an omnibus obligation on all assesses to submit the AIR but only when specifically asked to do so by the assessing officer.
Further, the specific nature of information so required should also be clearly mentioned in the proposed rules.
RN Lakhotia, New Delhi

Not Justified
It is really shocking to read that public sector oil companies are asking for price increases. Why I do not think it is necessary to increase prices.
Instead, the government should have reduced duties to compensate the increase. Further, can we know the mechanism which is applied for increasing the price The prices of LPG (cooking gas) were also were increased without any justification.
Jagdish M Shethia