In a rare instance, the Reserve Bank of India has made an exception to its own rules by allowing the finance ministry to advertise its voluntary disclosure of income scheme (VDIS) on satellite channels.
RBI guideline allows only exporters with a specified turnover to advertise on channels being beamed into India from overseas as these have to be paid for in dollars.
The VDIS advertisements, designed by HTA and Ogilvy and Mather in tandem, has been appearing on channels like STAR Plus, Zee Network and also on Doordarshan.
A finance ministry official admitted that the VDIS advertisements on satellite channels are an exception to the RBI norms. But we have obtained special permission from the apex bank, the official added.
Interestingly, the government has also written to satellite channels that the option of payment in either rupee or in dollars lies with the government. A final decision on the mode of payment has not yet been taken, the finance ministry official explained
However, media analysts point out that this waiver of norms goes against the tenets of natural justice. More so when the VDIS scheme is aimed at Indians and not non-resident Indians or others settled abroad. With most satellite channels like Star Plus having region-specific feeds from satellites, whether the VDIS advertisements are reaching out to Indian citizens working abroad and coming under the income taxs ambit can see them or not is also not known.
The finance ministry decided to advertise the ambitious VDIS scheme, a brainchild of finance minister P Chidambaram, as it felt that in metros and other major cities people watch satellite channels more than Doordarshan.
