Need Protection as it cures

The recent media report of misbehavior of J&J regarding its business ethics again stand the safety and security of the public health in India. The issue again demands that foreign companies are here just only for profit making and with no ethical value to their clients basically Indian patients. 

The report says replacement of knee of a person performed with metal ball and socket manufactured by J&J. however, the post-surgical complexities arises that the metal ball and socket discharging the metal in blood causing serious pain, inflammation and other physical complexities. J&J suggested performing another replacement surgery with fiber material which may reduce the symptoms, instead of compensating its Indian patience. 

Indian Judiciary is however timid to take severe step for a civilian. It is however true that the law of tort is quite flexible regarding these issue. Therefore, breach or violation of right is inevitable. It should appear under Drugs & Cosmetics Act in India. Apart from this, there should be a CBI inquiry. Union Health Ministry should take a severe and aggressive action towards these foreign companies who are only here for profit making. We need to compact our laws so none can breach it, if breach is found – quantum of compensation can be retrieved. 

Human can help human and other creatures. Capitalists should remind if clients get benefitted today, he shall come again and will recommend others to go. Perhaps it seems there is only one bad report; on the other hand there are quanta of profits throughout the country. However, it deliberately invites mistrust to the company. 

Business always should have some ethical value, whether it is small or big. 

Also Indian Judiciary should be fearless as its objective is ‘Satya me va Jayate’.

‘Vasudhaiva Kutumbakam’ – the World is my family – by Maha Upanishad.

Link:
https://www.thehindu.com/todays-paper/tp-opinion/drugs-are-not-sweets/article24867607.ece

Guaranteeing Right to Vote may establish a Democracy, But Ensuring it’s Right Use Only Will Bring a True Democracy

Let us never forget that government is ourselves and not an alien power over us. The ultimate rulers of our democracy are not a President and senators and congressmen and government officials, but the voters of this country.                                               -Franklin D. Roosevelt

Governments of a country draws its power from the Supreme law of land i.e. Constitution of that country. Constitution is the bible of how the government would run its business along with the administration, law and order, vigilance, rights and else. The process of election is a machinery to find out most suitable and eligible candidate who can perform his duty on behalf of the people. Therefore, ‘the government formed by the people, of the people and for the people shall not be perished from Earth’.

Representative Democracy is being practiced in India. There are two national level parties proposes their ideology among public domain. Indian electors are very mature in ratifying the proposal or to reject it. Approval or rejection of a proposal in case of national agenda has a deep impact on democracy. However, people do elect most eligible candidate for next tenure. The elected candidate enjoys the supreme power in law and policy making. There is no any authorized rule to overthrow this candidate if s/he fails to perform. It became a master whether once promised to be a servant and the people who are the authentic master became slave – that completely contradicts the statement by Mr. Roosevelt.     

       

However, if the elected member is failed to perform as well as unable to deliver an issue, Indian Political System has no instrument for impeachment. The elected member is safe till the legislature get dissolved for the new election. It inevitably implies, people have no right to raise their voice if the person not fit for the post. Accordingly, right to vote implies only involving the adult franchise to the polity.

On the other hand, ensuring its right inevitably adopts other machineries like plebiscite, referendum, recall, initiative etc. belongs to direct democracy. Only the matured democracies of the world executed these. However, the true democracy is being practiced in matured democracies.  

RBI should issue digital currency in India

RBI is being entrusted to issue currency under the RBI Act 1934, section 22. Generally RBI issues coins and printed notes. However, there is an ambiguity to issue digital currency on the same legislative power. Description of authority, limit of transaction, security features and else are several serious issues regarding this.

Digital currency or the Block-chain method is immediately required to introduce in India. Indian Judiciary works slowest in comparison to other Judicial services of the World. Therefore, fraudsters utilize loopholes of judicial machinery and used to draw billions. In the current system of Economy, people perform their fraud game; however the detection can be performed after years. Henceforth, the current system indigenously provides a platform to the fraudsters to perform a game with the public money as well as pay time to settle a new destination until the case is being reported in media.

Another burning issue is that the cost of printing notes has been doubled, according to data released by RBI, 7965 crore in FY’17 from 3421 crore in FY’16 which is the post note-ban scenario. RBI has to deal with counterfeiting currency throughout the year mostly in porous border area. as per PTI, RBI says 7.62 lakh pieces of counterfeited currencies detected in FY’17 as in 6.32 lakhs in Fy’16.

The cost of transaction is also a serious issue. According to SBI, transaction up to Rs 10,000 is Rs 2.50 plus GST in bank branch, however, Rs 1.00 plus GST in internet banking.

Let us discuss the details of Block-chain technology. This is an algorithm of digital transaction. A user who has an account in Block-chain can precede a transaction cash and kind. This technology can be incorporated in land purchase, logistics, management, transport, power sector, currency transaction and all rest departments which has not yet been included. The advantage is, a single transaction get updated to all the rest servers simultaneously whether it may be land deeds or payment of power consumption bill. This technology minimizes the option for fraudsters to perform and make always alert to next servers. It is true that the update may take time several hours; however the process is solely transparent.

This paradigm shift concept is slowly making an impact to the world. US worried about ‘governance and risk management will be critical’. Europe posed no threat to central banks’ monopoly on money. Peoples’ Bank of China believes ‘conditions are ripe’ for it to embrace technology. Bank of Japan wants to study more about the crypto-currency. Bundesbank concerns about ‘more of a speculative plaything than a form of payment’. Bank of England is cited about crypto-currencies as a part of potential ‘revolution’ in finance. Bank of France concern about ‘those who use Bitcoin today do so at their own risk’. In India, using crypto-currency is violation of foreign exchange rules. Central Bank of Brazil concerns about ‘no immediate risk for the Brazilian financial system’. Bank of Canada thinks ‘This is really an asset, or a security, and so it should be treated that way’.

The innovation should have to emphasized with security features so that, it should be abandoned for any evil purpose. Time should pay attention to the nations, when they feel free, can take up the concept and implement as well. The new algorithm definitely deserves to replace the old process to make more transparent transaction. [Information taken from RBI site, ET News, India Today etc.]