Wednesday, July 17, 2013

ICL Caring hence Sharing for the DAY

RBI makes 1000s of companies anxious by “Are you an unregistered NBFC?” notices

<> WPRT to the contents, besides the rest, of the third and fourth paragraphs from the top >
Begging pardon of a great thinker and humanist par excellence of our times, though taking not entirely out of context, to put own reaction in his illuminating words:
<“... there are two defects in our national character- lack of a sense of fairness, and lack of a sense of moderation..”
“...While it is true that no one is above the law, it is equally true that so long as our Constitution lasts, everyone is above state terrorism....”
 (- No need to highlight, that, in this context, reference to “the law” can only be to the well  thought out legislation, after sufficiently adequate home work, - most certainly, not any rule of law framed and brought in on the drop of a hat.)
It calls for a serious and insightful deliberation, “ to how far the senseless fiscal and economic policies “ thrust upon the nation by our men in power themselves have “been responsible for the degradation in national character....”
“In our desire to bring about a total change in the mentality of the GOVERNED, we must guard against the dangers of introducing the valueless values of a police state. Let us never forget that descent into a police state is deceptively easy.  Excesses by the state can easily be counterproductive. They can destroy the PEOPLE’s morale which is a  valuable but delicate national asset and which is prerequisite for a LEGAL system based on voluntary compliance...”>
Last not but not least, it calls for a special focus, a ridiculously dangerous trend, fundamentally harmful to the national economy,  has crept in recent decades ; in that, every bureaucrat entrusted with an authority but limited to his own regime, especially a regulatory authority such as RBI and SEBI, has been acting in excess of the powers vested, by resorting  to ‘legislating’, thereby far transgressing  the limit, express or implied by the statute under which it has come to be constituted. In effect, these authorities , unwittingly or otherwise, by their own action or inaction are working towards undermining the very laudable objectives for promotion of which they have been brought into being. 
(Recommended to read and share, before anymore decade passes by/ IS LOST, the noble thoughts for useful guidance, in the published speeches and writings of late N A Palkhivala - SOURCE:  WE, the Nation THE LOST DECADES )

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