Stupid decision by Nepal Rastra Bank

According to news Nepal Rastra Bank has just issued a circular that from now onwards the Banking and Financial Institutions should track the sender information of any remittance inflow into the country upward of Rs 75000 that is 750USD. This so called rule is being introduced supposedly to curb the money laundering activities that might provide for the terrorist act or other  incendiary activities. No matter what the reason is, it is perhaps the most stupidest and illogical  decision that NRB has made in recent times.  And following reasons simply underscore why so

i) Remittance make up about  25% of Nepal's GDP and to make the process stringent will simply discourage the free flow of capital into the country through legal means.

ii) The entire crux of curbing terrorist act from money coming to BFI from foreign countries is totally counter intuitive , since no terrorist organization will ever be wiring money in legal way.

iii) This will further encourage people to rely on illicit means such as Hundi to carry out their transaction. As a result the country's revenue from remittance will be drastically affected and will ultimately affect the Balance of Payment situation.

iv) Since the money thus arriving will have no legal source , it can't be used in investment and hence will be spent for unproductive activities of consumption and import. This increase in  marginal propensity of consumption and import will increase the inflationary pressure . Thus putting the already bleeding economy into further doldrums. 

Lesson learned from Delhi election

Arvind kejriwal party obtaining good result in Delhi election shows that in democracy there is always room for a movement that can usurp the strong hold (monopoly) of established political parties from the power. When 'Bibekshil Nepali" started a movement many ridiculed them for being  just a social media fad. And yes it did rang true in Nepalese context as they lost badly in election. But this doesn't mean that a movement at grass-root level can't blossom which will address the pressing need of common man. This common man  which Richard Nixon famously dubbed as "Silent Majority" comprise of middle class household which is always overlooked by established political parties. And despite this they are always inculcated with an idea, from their parents  and surrounding,  that their affiliation belongs with one particular party  akin to your affiliation with the football team you support.  And it is not only the case of Nepal but also in so called bastion of democracy United states where Blacks and Hispanics always vote Democrat and Whites vote Republican. As a result common man has no choice and ultimately the democracy is defeated.

This sort of behavior  of demographic factor rather than people's choice  influencing vote has caused the formation of, in Mario Vargas Llosa's word, Perfect Dictatorship as in Mexico during last century where a single ruling party keeps on winning the election.

For democracy to thrive there must be a sea change  so that our political system turns into a market place of ideas with perfect competition  rather than a oligopoly where ideas are available in  cartel. And "Aam Aadmi" party winning is certainly a wind of change in right direction.

Promise of Devil

Devil made me

worship the god

with promise of

mended broken heart

but in the stairs of the temple

all that was left for me

was pair of cobbled shoe

Devil made me

worship the god

with promise of

paradise in the dark

but all that can be seen  was

river  of sewage glittering on  

light of golden roof

Devil made me

worship the god

with promise of

songs from the lark

but all that was  left was

 the sound of despair from

 the  dying men  full of rue

Devil made me

worship the god

with promise of

mended broken heart

but in the stairs of temple

all that was left for me

was pair of cobbled shoe