Differential Interest Rates-Another View

Another View A Bagchi BIMAL JALAN and Boswel, authors of the two articles "Differential Interest Rates: I and II" (September 4), Jalan in particular, deserve to be congratulated for bringing out certain fundamental issues, crucially relevant to the subject, which do not figure explicitly in the Report of the Hazari Committee or the Note of Dissent. There are, however, some gaps and inconsistencies as well as errors of assumption in the arguments of the two authors which this note seeks to discuss.