Daily Excelsior... Editorial

One really cannot recall how this coinage of 'Penny wise, pound foolish' was born. But it is certain that it did stem from the Englishman's brains known for scientific marvels, literary excellence and administrative acumen. Another certainty relates to the fact that Pound happens to be the highest currency denomination while Penny the lowest one. Right now it can be co-related to Indian rupee and Paise. This came into being after decimal system was introduced with regard to not only currency but also measurements and weights. Calculation wise decimal system outscores all others. Confusion-wise however it ranks highest. It is the multiples of tens and tens and those disturbing zeros that play havoc with kid's mathematical skills. It was indeed easier to grasp Seer, Pau, Chattank,.....more

Bankers must gear
up for Euro
By : Navin Chandra Joshi

Introduction of Euro currency on January 1, 1999 would land ..more

Even women cops
are sexually outraged?
TALES OF TRAVESTY
By: Dr. Jitendra Singh

Addressing a gathering of young gals at the Delhi University...more

An example of Martyrdom
By: O. N. Bhat, Kuthari

The uprooted Kashmiri Pandit Community living in exile is paying homage ...more

Year full of bad memories
By : M L Kotru
Men, Matters, Memories

Another year in the life of our nation. A year that saw one government falling and the other teetering at ...more

EDITORIAL

PENNY WISE, POUND FOOLISH

The Indian currency likewise had a chequered history and that prestine glory when things used to be purchased with Dhumries. It is mentioned in many books. The rupee had sixteen Annas. Why it was sixteen. Why not twenty or ten or any easier figure like 15. Sixteen is indeed odd but then it was perhaps this oddity that entered the memory in perpetuity. The Anna in turn had four paise, the big round ones with that rich copper content. Paise again was divided into Tehlas, two tehlas to a paise to be precise. And that tehla further into dhumries. There was a time when sovereign was made of gold. Rupee indeed was made of silver in this very century which is about to changeover in next millenium in another year's time. That silver rupee now fetches Rs. 110 to 115 depending upon prevalent rate of silver. And that ginni between Rs 3500 to 3800 depending upon prevailing gold prices. What a change with our paise! It has become thing of the past, a rare collection indeed. Even beggars now ask for a rupee. Nay, the shrewd ones asks for a cup of tea that costs Rs 2/-. Such has been the rapid devaluation, the purchasing power of rupee.

Alas ! Now Pound would be missing. Same is true of the Penny. Basket currencies of Europe and changing over to a single one and the highest denomination is to be termed as Euro. One Euro at current rates would be fetching around Rs 47. Before that Pound Sterling had also gone decimal. As on now, India, Pakistan, Bangladesh, Nepal, Bhutan and even Indonesia have rupiah as the currency although value differs from country to country. There shall be no more French Franc or the German Marks. It is going to be Euro all the way challenging American Dollar at all levels as a formidable alternative equally strong. Yen is no more the challenger while Yuan is looking up. One is indebted to Vajpayee Government despite all its other drawbacks that it did not allow the rupee to sink like other Asian currencies. This is indeed satisfying. Otherwise, as per Indonesian or Russian currency collapse rate the Onions would have been sold at Rs 1000 per kg at the minimum! Who says they managed the economy badly.

And here is the wisest of them all. The Penny surfacing in Parliament. Former Minister and currently Rajya Sabha M P R K Kumar surprised his contemporaries when he stated, ''For an appropriation of Rs 30,000, the House has set apart one hour discussion''. Every minute of House session costs Rs 4,650. This means an expenditure of Rs. 2.5 lakh for appropriating Rs 30,000. How about the cost of entire Winter Session which produced nothing ? Parliament has indeed become penny wise but pound foolish!

Bankers must gear up for Euro
By : Navin Chandra Joshi

Introduction of Euro currency on January 1, 1999 would land the world an international reserve currency to compete with the dollar. Also, the host of opportunities it will offer to Asians will make it imperative for Indian bankers and foreign exchange dealers to equip themselves well for handling the new currency.

As for the Indian exporters and importers, they are not likely to be affected significantly when most countries of the European Union switch over to the new currency.

There will be greater simplicity in dealing with a single currency instead of the numerous currencies of the member-states of the European Union. Beyond that, the impact of the united Euro would be marginal on the Indian exporters and importers.

The switching over to Euro would mean a total surrender of sovereignty with regard to national currencies and a considerable surrender of sovereignty with regard to economic policies for the countries opting for the Euro.

The autonomy of the member-states to formulate individual economic and fiscal policies would also be eroded. But, the decision to switch is a conscious decision and is based on the consideration of a larger common market and greater purchasing power.

With the unified currency, the common market would expand to over 300 million people and the member-countries would be able to take advantage of that.

As Euroisation gathers momentum, it would bring about qualitative changes in world trade. Euro would act as a magnet for countries applying to join the EU such as Poland, Hungary and the Czech republic. The Euro would also draw currencies of African countries which would be linked to it in the same way as they are currently linked to the French Franc.

The Euro currency has the potential to become the second or the third largest means of international exchange. There would also be structural changes in the existing European Monetary Unit (EMU) in the European Union and Indian bankers need to gear up with an indepth appreciation of this change as the Euro will open new commercial opportunities for Asian business and markets.

The scope for a more balanced international monetary system would get enhanced by reducing volatility and bringing more stability in exchange rates. Today, the world is completely dominated by the US dollar and now it is felt that some dent would be made in this situation.

Though countering the dollar is not the prime reason for going in for a unified currency, it is hoped that in seven to eight years the dollar would have to share its premier position as the leading currency in the world with the Euro.

It would also take seven to ten years for the Euro bond and capital market to attain the depth and range of the US bond and capital markets. It is also believed that developing countries, including India, would continue to reap the advantage of sourcing imports from some of the cheaper countries of the EU after the switch-over to Euro.

Relocation of capital and other resources would even out the disparities which may be evident now. For instance, if an equipment is cheaper in Spain today and expensive in Germany, there could be some sort of a balancing and resource flow so that some price parity comes about. On balance, the impact may not be very significant.

Now before the 11-member European Economic and Monetary Union comes into being on January 1, 1999 it is obvious that the implication of the Euro for India has become a hot topic for discussion amongst bankers and financial institutions, the government circles and elsewhere.

The fact that each country has willingly surrendered its individual suzerainty over certain key aspects of its monetary and fiscal policies without losing its political identity- is significant by itself. The 11 member-states are Belgium, Germany, the Netherlands, Austria, Portugal, Finland, Spain, France, Ireland, Italy and Luxembourg. The UK and Denmark have decided to stay away from the EMU for the time being while two other countries Sweden and Greece did not meet the pre-conditions.

It may be noted that each country's exchange rate will be irrevocably locked, the value of the ECU (European Currency Unit) will be worked out and the ECU will be converted into Euros at the of 1:1. The European Central Bank and the European System of Central Banks (ESCB) are to be established to take charge of the monetary policy.

Open market operations, new public debt issues and foreign exchange payments will be in Euros. Settlement systems for facilitating trades in the new currency will be established. However, individuals, corporates and institutions will still have a choice.

However, the launch of the Euro merous will have major implications for suppliers and buyers as also borrowers. The Euro will make for greater transparency in the prices of products in various member countries of the European Union by making it easier for comparing prices of the same products.

Presently, there are often substantial variations in prices partly because of different levels of national taxation and partly owing to other factors like transportation costs. Though circulation of the Euro by way of notes and coins would commence only in 2002 and the Euro would be used till then for settling trade accounts, suppliers of buyers might run the risk of losing business if they do not become Euro capable and might benefit from switching to the Euro early in the transition period of three years.

This would help some companies reduce their foreign exchange costs sooner rather later as well as seize new business opportunities and maintain competitiveness. Suppliers as also buyers will need to adjust their strategies.

Moreover, the European Monetary Union would provide increased opportunities for corporate issuers of bonds. Since member-governments of the EMU must keep fiscal deficits below three per cent of their respective gross domestic product (GDP), it would reduce levels of outstanding government stocks.

Yields in government bonds in some Euro zone countries would fall and investors may therefore turn to corporate bonds for higher return.

The 11 national currency units (NCUs) would be treated as united of the Euro, with a fixed ratio relation till the end of transition period and hence the advent of the common currency would generally mean little change to most contract terms. However, it would be advisable to review loans, deposits, letters of credit, guarantees, identities and similar agreement denominated in or with NCU provisions to assess the benefits of converting to the Euro, as some NCU pricing benchmarks would cease to exist.

One advantage of converting to the Euro would be the opportunity for consolidating ncu borrowings, domestic interest rate indices would be calculated daily on the basis of contributions from a panel of 57 banks active inside the Euro zone (which excludes UK, Sweden, Denmark kand Greece in the EU).

External interest rate indices for the Euro, called Euro Libor, would be set daily by a panel of 16 major banks active in the London Euro market.

The Reserve Bank of India in its annual report of 1997-98 has studied the implications of the Euro for India. As for foreign exchange market and foreign currency reserves, the disappearance of several important reserve currencies will have a bearing on the way the RBI manages its own reserves.

Private foreign investment inflows from EU countries will continue. The share of EU members in portfolio investment in India was nearly 50 per cent at the end of March 1995. Official loans from the EU have shown a higher trend since early nineties, accounting for 35 per cent of bilateral assistance to India.

The RBI has noted that the trend may not be sustained as many member countries would need to comply with certain long-term goals such as zero budget deficits as well as hike in their social spending within their countries. Presently, about 13 per cent of India's external debt is denominated in EU currencies. As such, the Euro-Dollar equations will be used in assessing the Euro's impact on the external debt. With development of Euro market, Indian corporates are likely to get cheaper finance.

The possibility will be due to the fact that the Euro is expected to transform the Euro-financial market into a broader, deeper and more liquid one, says the Reserve Bank of India.

In sum, the RBI expects that the Euro will have an impact on the Indian economy by influencing the exchange rate, foreign trade, foreign exchange reserves, foreign investment, official external loans, external debt and the banking sector to the extent that trade is with Euro countries or countries whose currencies move closely with the Euro.

Invoicing in Euro is likely to minimise the exchange risks, given the expectations of a strong Euro. The RBI expects that its foreign exchange reserve portfolio may shift in favour of the new currency. However, the precise pattern will depend on the availability of short and long-term instruments in the Euro and the yield on them.

To facilitate banking transactions in the Euro, the Indian banking sector will have to make operational and systemic changes, as well as review its correspondent banking strategy in the EU countries. Inter bank transactions will be compulsorily settled in the Euro after January 1, 1999. The heralding of Euro currency now calls for Indian missions and Indian banks abroad updating themselves with information on economic development in EU countries.

Even women cops are sexually outraged?
TALES OF TRAVESTY
By: Dr. Jitendra Singh

Addressing a gathering of young gals at the Delhi University during her last visit to India in 1988, the incredibly unageing and eternally glamorous octogenarian English authoress Barbara Cartland had said "Now, now, you girls! You must giggle and blush and attract men because that's what you were born for. And if men stop chasing you, let me assure you that it is entirely your fault."

Going by Ms Cartland's seasoned counsel, one could be led to believe that for a young woman it is equally rewarding to be chased, teased and ogled ---- if not molested ---- by the menfolk. And, if this does not happen, then the woman who remains unchased or unteased should consider herself as unrequited as the man how remains debarred from joining the pursuit of feminine adoration.

Now, with due apologies to the double-faced protagonists of the socalled femine virtuosity, one cannot remain oblivious of the fact that a woman cop or a woman constable is after all a woman. And, a woman is a woman even after she dons the police uniform just as, to use the Shakespearean cliche, a rose is a rose is a rose no matter whatever name it is called by. To that extent, to be admired, eulogised and adored is as much a privilege of a woman-cop as that of any other woman ..... of course ...... only as long is it does not transcend the limits of decency or threaten to acquire the proportions of an outrage.

Be that as it may, there can be no reason for satisfaction at the reports in newspapers about incidents of attempts to sexually molest or outrage woman cops in uniform. Not to end at this, there are reports about attempt by certain senior police officers to sexually outrage or exploit certain women cops working under them. What is even more worrisome is that one such press report emanates from Srinagar and refers to a case wherein a police officer allegedly framed a false charge of militancy and arrested a man whose wife working as a woman cop refused to oblige the sexual designs of her superior.

It would be reasonable to conclude that for each single such case reported, there are several more which go unreported. And, while the apparently unobliging woman cop from Srinagar reportedly admitted that her senior officer often used to caress her thighs in the office, there may be instances where the caressing is allowed to proceed beyond the contours of female thighs to trespass the more vital physical territories. Further, while the Srinagar woman cop in news decided to protest, there may be instances where no protest is raised either out of subjugation or out of mutual convenience thriving at times on grant of "out of the way" official favours.

This, thus, raises a crucial question. If sexual exploitation of women employees exists even in the police department, then what hope is held forth for the other women who seek police help for self-redressal. With the police image already disgraced by the widely prevalent corruption, the increasing evidence of "moral" corruption in the department will only further erode whatever little is left of the confidence that the socalled custodians of law and order command among the common masses. What is left of the credibility if a hapless lone woman feels hesitant or scared to enter the premises of a police station to record an FIR?

Woman empowerment can hardly be achieved by bringing about inclusion of more number of women in Parliament or legislatures. Woman empowerment in true sense implies change of attitudes towards women at every level and, infact, change of woman's own attitude towards herself. And, indeed, a truly empowered woman is also the basis of empowerment of the society as a whole including that of the menfolk. Umapathy's resources and strengths are better reinforced by the woman who is not dependent on him and who is capable of living up to poet Kaifi's dictum "..... Zindagi Jehaad Mein Hai Sabr Ke Qaabu Mein Nahin, Jannat Ek Aur Hai Jo Mard Ke Pahlu Mein Nahin....".

An example of Martyrdom
By: O. N. Bhat, Kuthari

The uprooted Kashmiri Pandit Community living in exile is paying homage to Amar Shaheed Prem Nath Bhat on His 9th Balidaan Divas on 27th December, 1998. On this day in 1989 he became martyr for the cause of the community and the country. One who embraces death for a just and noble cause never dies, because elevated souls with motivated mind and mission never die. They vanquish death rather than death vanquishes them. The blood of a martyr is precious and sacred as it nourishes and strengthens the roots of liberty, unity, integration progress and glory of a nation. The history of a nation, in fact is the sum total of the stories of the sacrifices of its valiant sons and daughters who lay down their precious lives for its progress, prosperity and glory.

Pakistan inspired and trained terrorists killed him in cold blood to create terror, scare and panic among the ethnic minority community in the Valley. They succeeded in silencing the voice resounding with Patriotic fervour and echoing social justice. He had courage to raise his forceful voice against victimisation, repression persecution and torture of minority community in the valley. The powerful pen in his gracious hand would always write fairly, freely and fearlessly on the burning problems facing the society. In him the community lost a great leader, well wisher and noble guide His untimely and tragic death was irreparable loss to the community and the country. The vacuum created by his death is yet unfilled. Bhat Sahib and other revered martyrs of the community sacrificed their precious lives for our survival. Their sacrifices frustrated and curbed the evil designs of disruptive and divisive forces bent upon to disintegrate Kashmir from India.

Bhat Sahib was born at Anantnag, Kashmir on 5th of December, 1932 in a respectable middle class Kashmiri Pandit family. His parents Pt. Lachman Joo Bhat and Smt. Janki Mali brought him up in a pious and religious atmosphere, taking due care of his formal education. After graduating from Amar Singh College Srinagar in 1951, he passed M.A., L.L.B. from Aligarh Muslim University. He was a student leader during his college days and took active part in debates, literary and other cultural activities.

He joined prestigious Bar of Anantnag in 1953. He was a man of gifted talents. Soon, he became the centre of attraction in his District Bar. His senior collegues praise and loved him. He had good command on his pan and oration. He was an expert on civil law. He would randem his professional service to all the needy, poor and down trodden people free of cost. Within few years he became a leading advocate and earned respect and money. During his practice, he came under the influence of Swami Ashokananda, the founder of Rama Krishan Maha Sammelan Ashram at Nagdandi, Achabal, Anantnag. Later on he became its first chairman and worked in this capacity for many years. He took more and more interest in the missionary wok of 'Man Making Mission' of Swami Vivekananda. He served the Ashram with utmost faith and devotion. In addition to this, he was an advisor and guide to the prabandhak committee Nagbal Anantnag. All State Kashmiri Pandit Conference, Anand Niketan School Nagbal Anantnag and Bharati Shiksha Samiti.

Bhat Sahib was a selfless social worker. He was an indomitable crusader for social justice. He worked for the good of all. He had love for all and malice for none. Local Muslims held him in high esteem. He always cherished moral, social secular and democratic values. He was outspoken and forthright in his utterances and writings. He provided right direction and inspiration to his close associates to become selfless social workers. He played a significant role in easing the tense situation in Anantnag district, when communal violence erupted in many parts of the district in 1986.

He would provide monetary help to needy persons, widows and poor student irrespective of cast and religion. He encouraged his friends to participate in philanthropic activities. To carry out this mission, he formed a group of dedicated workers. He became the popular leader as he possessed all the essential qualities of leadership, i.e. Professional competence, decisiveness, honesty courage and loyality. His high thinking and simple living endeared him to all. He was not only an erudite scholar but also a versatile free lance journalist. The free and fearless writer of clairvoyant foresight wrote articles in the local and national papers and journals. He also wrote on social political and cultural affairs of J&K State. The fearless journalist in his was an eye sore for the commual and disruptive forces in the Valley. They silenced his voice, but could not snatch his valuable Treasure of writings which contain his noble mission and inspiring vision.

His views about Kashmir affairs were highly valuable Pt. Prem Nath Bhat Memorial trust, with active cooperation and assistance of Vivekananda Kendra Kanay Kumari collected and all his selected valuable writings and published these in a book entitled 'THE TRUTH FORE TOLD' to provide the glimpses of his view point on the social, cultural, political and religious issues. In short, Bhat Shaib was a gifted orator and writer, excellent organiser, a patriot to the hilt, a successful lawyer, a social worker, political and social thinker and above all a devout Hindu.

The martyrdom of such patriots is a great source of inspiration to provide beacon light to the nation. Sacrifice of Bhat Shaib and other martyrs will always be remembered with great respect, devotion and affection.

Year full of bad memories
By : M L Kotru
Men, Matters, Memories

Another year in the life of our nation. A year that saw one government falling and the other teetering at the brink ever since it assumed office- and still perilously poised at the brink as the curtain goes down on 1998. It was also the year of the onion. Not also; it undoubtedly was the year of the onion. Ad if you have any doubts you can still see the red eyes of the BJP leadership, with most of it still shedding ''onion'' tears. You will also see tears of joy in the eyes of many Congressmen, particularly those who claim to be close to the Gandhi parivar of 10 Janpath. If the BJP sees its chances of being the No. 1 political party receding, the Congressmen (and women) see their stars on the ascendant.. For the rest of us it has unquestionably been a year that is best forgotten.

Normally, this should have been the year to be remembered for the triumph of our nuclear scientists. What with Pokharan II suddenly pitchforking us into the charmed circle of nuclear weapons haves. Never mind that the earlier ''haves'' won't give us entry into the their very exclusive club. We are there, whether they like it or not. That Pakistan too made the grade about the same time as us is another matter. Not a wholly unwelcome development, that last one. For, that, at least for the present, deters the two inimical neighbours from attempting any fresh misadventures. But, for all that, this past year will be most remembered as the year of the onion. For, the humble onion- or the lack of it- at once brought into focus the ineptitude of the BJP-led coalition at the Centre. It best demonstrated the absence of forethought. It was not unknown that there had been a widespread onion crop failure in the country. And yet we went on exporting onions merrily. By the time it dawned upon our rulers that there were no more onions to go around within the country it was too late. The hoarders and black marketeers had made sure of that. Onions, you might say, are a perishable commodity. But look at the havoc even a month's scarcity caused. Good quality apples were selling at Rs 28 a kg and onions, the poor man's caviar, at Rs 65 a kg. And we had a wise BJP Chief Minister, since deposed by the people, telling us the poor don't eat onion, a statement that would have made a Marie Antoinette blush. I don't propose to diminish in any manner Sonia Gandhi's role in the resurgence of the Congress party but it was, to my mind, the humble onion that did the BJ in.

Of course, the BJP government continues to be an enigma. No, it's the ninth wonder of the world. How it has managed to survive these past nine months baffles imagination. No government, even in these days of grave political instability, has died as many deaths as the one led by the amiable Atal Behari Vajpayee. And the stupid things it has had to do just to ensure its survival. If you have any doubts, try to recall Jayalalitha's statement of some ten days ago. Only I can topple this government... whenever I wish to'', was her boast. And she is right. If the Central governmet looks silly when it tries to tell the Tamilnadu government that it's being vindictive by letting special courts try the numerous cases of corruption against Jayalalitha, it hardly matters. For, the Central Government and the Law Minister belonging to Jayalalitha's AIADMK, know the importance of keeping the lady of the Poes Garden happy.

''Sardar'' L K Advani, if one is to go by his many earlier observations, deserves the nation's eternal gratitude. After all didn't he assure us that terrorism in Kashmir would be contained in next to no time. His recipe was simple: you just don't let terrorists enter Kashmir from the border along Pakistan and Azad Kashmir and weed out those who are already in. What has happened in reality is that Pakistan-backed terrorists, mainly those from the camps run in Afghanistan and Pakistan itself, have trooped in large numbers. Terrorism is continuing to thrive in the State.

Advani had a similar recipe for the containment of the terrorism in North East. Only, it has not worked there either. Advani has been promising us a White Paper on ISI activities in the country and in its neighbourhood from day one of the winter session of Parliament. The session is about to draw to a close and we haven't heard from him. The ''Sardar'' in him has obviously taken a beating and Advani, being an astute man, knows it. But then Advani can embark on another ''rath'' yatra in the hope of removing the dents his self-styled strongman image has suffered. It may be a good idea if he were to seek the help of the governments of Bangladesh, Myanmar, Nepal and even Bhutan to let his yatra pass through the training camps and safe havens the North East terrorists have in these countries.

Forget the government, Vajpayee, Advani et al. The year that is coming to an end saw further degradation of all the values said to be dear to us as a people. Not a single corrupt politician or bureaucrat has been punished. People facing serious criminal charges continue to wield power. People with proven criminal records continue to have access to all comforts including cellphones even in prison. For some, prisons have been converted into resort homes to make the VICs (very important criminals) comfortable. Some of these alleged VICs even manage to summon senior bureaucrats to their prisons to issue instructions. At another level, a former Prime Minister continues to keep his hold on 500 acres of village common land, arguing that he is only helping afforest the barren landscape, claiming that his massive ashram is run by a trust and disregarding the village sarpanch's right to be on the trust. In the meantime the worthy has built a few residential structures on the encroached land. And, he, we are told, is made in the mould of Jaya Prakash Narayan. Like Laloo Prasad Yadav and Mulayam Singh Yadav are said to be ardent Lohiaites.

The year was also remarkable for another reason. Bureaucrats at the highest level successfully misled the Union Cabinet by withholding information from Ministers including the Prime Minister earning in the process, in one case, a strong refproof from the Supreme Court and in another bringing the Armed Forces into the eye of a storm. It bodes ill for the country that messy bureaucrats should play stupid games which can only bring disaster in their wake (the Navy controversy). And speaking of games, there is the amazing story about Dingko Singh- never heard of him?- a gold medal winner at the just concluded Asian Games in Bangkok, who was dropped from the original team for unexplained reasons. It was only after many follower s of boxing and Dingko's coach screamed foul from every available roof top that he was rushed at the very last minute to Bangkok to win a gold. Even sports has not been spared by our politicians. Yes, politicians are very much incharge of our sports bodies. Ask Suresh Kalmadi, the principal sports official of the country or Priya Ranjan Das Munshi, the Football boss of India. Or, do please ask Indian hockey coach (India won the gold after a gap of 32 years) of the heartbreaks he had to go through to make the hockey gold possible. Or for that matter, you have the four times world billiards champion, Geet Sethi telling us what a horrible experience it had been for him to represent his country. All of it, thanks to the sports bosses. To go by very reliable information the officials accompanying the Indian contingent out numbered the sportspersons.

I won't go into criminalisation or communalisation of our politics. It's too well known and all too obvious. Lately we are also being objected to cultural terrorism, the kind unknown to us for many, many years. We must now learn to keep off anything in the world of arts, cinema and drama included, which does not meet the approval of Bombay's tinpot dictator, the Shiv Sena Chief Balasaheb Thackerey. If you do, you are doing so at your own risk. For Balasaheb or his men will not hesitate to become physical when it comes to stopping people patronising anything they disapprove off. Worse, they might call you a Pakistani or, who knows, an ISI agent.

That's why I said at the beginning that the year that is about to close is best forgotten. It is full of bad memories. One hopes that the year that follows, to lead us into the next millenium, revives us enough to be able to meet the challenges of the 21st century.