Focus on the mundane Bonus irony
Money managers of the Bharatiya Janata Party (BJP) seem to have taken a leap of faith — from launching MUDRA to considering the introduction of an Indian cryptocurrency, “Lakshmi” — within a short span of two years. While the editorial, “Avoidable ‘Lakshmi’” (September 20), ably discusses the technical pros and cons of introducing an Indian cryptocurrency, I am baffled as to why it should be named after a revered Hindu goddess and consort of Lord Vishnu.
Yes, Lakshmi is synonymous with prosperity and Hindu households pray for its arrival, especially during Diwali. Several families name their girls after the goddess, too. But prosperity and currency are different things.
If a digital currency is named after the goddess, news headlines in the future may read like “Lakshmi has been devalued”, “Black Lakshmi of terrorists seized by the police”, “Lakshmi worth so and so confiscated”. Whether we have a cryptocurrency of our own or not, it would be better to choose a non-controversial name for it.
Cryptocurrency is coined from “crypto”, from which is also derived the word, “cryptomania”. One website, Termwiki. defines it as “a pathological striving to hide intents or thoughts, to do many things in secret”.
The government should concentrate on mundane issues in currency management such as enforcing the acceptance of its ~10 coin. Restoring faith in the existing currency should be a bigger priority than generating euphoria over the possibility of a new digital currency.
Y P Issar Karnal any profit in transactions; hence, overseas buyers are placing their orders with neighbouring countries.
The government’s move is unwarranted as it comes at a time when international oil prices are low and rupee appreciation has brought down prices of buying oil from other countries. Prices of oil in neighbouring countries are about 50 per cent less than those in India.
The government is only concentrating on widening the tax base, mopping up tax collections and levying higher excise without considering the trade impact, especially exports. None of the recent government steps seems to be alleviating the problems of exporters or the common man.
A Sathyanarayana New Delhi This is with reference to the report, “Railways staff to get productivitylinked bonus ahead of Diwali: Cabinet” (September 21). It’s an irony that the government has decided to grant the Productivity Linked Bonus (PLB), equivalent to 78 days of wages — as against the bonus payable for 72 days according to the existing formulae — to Indian Railways staff so as to “motivate” them. Are they not being paid enough to be reasonably “motivated” to perform their duties? In any case, I would want to know the methodology used by the government to “assess productivity”.
Should such a “generosity” not have been avoided at a time when the Indian Railways is facing public criticism due to its poor safety record? It is also under obligation to bear the huge financial burden with respect to accident-related aspects such as the immediate replacement of smashed/badly damaged rail coaches and urgent repair of affected rail tracks, among others.
The railway authorities might soon come up with “innovative” and out-ofthe-box ideas to conveniently pass the financial burden to passengers. Where are we actually headed, then?
Kumar Gupt Panchkula