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The Nation's Woes: RBI's role therein - Letter dated 26.12.1988 from Thiru XYZ
Placed below is a letter from Thiru XYX expressing outrage and ire - at the scheme
of things entire, - which he fain would remould - closer to heart's desire. What,
how and in what image is, however, not specified. The RBI, being one of the agencies
of prime economic responsibility, he feels is partly the villian in this state of
affairs.
While his outrage may be justifiable, the letter per se is discursive and
addled in terms of
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the issues addressed,
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the identification and analysis of causes, and
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the courses of action prescribed.
The epistle wanders from exchange rate policy (DEIO) to supervision over chit funds
(DFC) to the sale of gold under Shri Desai's premiership (DGBA). In as much as no
positive steps are prescribed to redeem the state of affairs, the letter could be
regarded as that by a crank cribbing O Tempora, O Mores and lamenting Quousque
Tandem. He, however, demands to know why!
Unfortunately, we too know not why. In most general terms the fons et origo mali
could possibly be attributed to
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avarice and greed,
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deterioration in moral fibre,
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lack of commitment and intellectual honesty,
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the ascent of fissiparous tendencies over those of humanity and fraternity.
As a central bank, we cannot give such answers and exhort brother XYZ to work harder
and spread moral awareness as his mite towards the upliftment of the nation. We
could
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ignore his letter,
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write to him to unscramble his thoughts and offer specific comments (in duplicate
if necessary to dissuade him) which we shall be glad to consider. This should keep
him busy for a while, help clear his head and also give him a feeling of participation
in Nataional Construction. For us, it will break the monotony of routine cases.
(Draft letter placed below).
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call for his income tax returns to ascertain his antecedents and thus blunt his
appetite for seeking answers.
While course of action at (i) will be most prudent, (ii) is recommended as a more
spirited approach. If the same is approved, the case could be sent to the PRO for
necessary action.
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