Twice-Blessed

Twice-Blessed IN your Editorial titled "Twice-Bless- od" (June 22) you have raised a number of points of criticism against SEMI- BOMBLA:
(i) At the expiry of 10 years, the redemption of Certificates and Bond Medallions will amount to a huge figure of Rs 7,280 crores involving a large- scale injection of money supply in a single year; (ii) there is gross inequity in the Scheme as the benefits of indexation and the high rate of interest (10 per cent) can accrue only to those who are currently in possession of monetary assets. Wage-earners and middle-level salary-earners with meagre cash balances, cannot take advantage of the provision for optional purchases of bond Medallions. Even though the richer classes who currently possess monetary assets may lose some portion of command over real purchasing power.they are bound to regain their losses in course of time because of the indexa- lion provision and the high interest offered on Certificates and Medallions. The poor, on the other hand, cannot get the benefit of protection against rising prices.