BUDGET 2016-17: WHY NOT START NEW BANKS WITH THE SAME MONEY INSTEAD OF FEEDING THE SCAM BANKS?

There is a proposal in the budget 2016-17 for further funding to the already scam affected banks. The amount is a staggering Rs.25,000 crore  From the recent utterances of the Finance Minister, it appears that the major necessity for the fund is to feed the public sector banks who distributed soft loans to the rich and affluent persons who have no history of repayment and know the ways and means to manage the things in their favour. For arranging this huge amount to feed the rich, poor people are being squeezed with high tax rates mainly in indirect taxes. Instead of catching the rich defaulters, who syphoned off the money to other companies and abroad, blame is shifted to the farmers who take petty loans. Is there any action taken against those people who sucked the blood of the nation by granting such soft loans as well as those are not repaying it? Why the government is silent on the issue. What is the indication of all these? Is it not robbing the poor to feed the rich? Instead of feeding the scam affected banks, why not start new banks with the same money instead of pumping it into the same banks filled with such people?

Also read my book  ‘A FRAUD IN THE INDIAN CONSTITUTION’ :( http://www.amazon.in/FRAUD-IN-THE-INDIAN-CONSTITUTION-ebook/dp/B00SQKTADY )

Also read my other blogs:

http://indiantravelexperience.manjaly.net

http://publiccause.manjaly.net

http://cagreport.manjaly.net

http://centralemployeesnews.manjaly.net

https://www.facebook.com/afraudintheindianconstitution

THE FUNNIEST OFFICE MEMORANDUM ISSUED BY THE FINANCE MINISTRY, GOI

On 17/07/2015, Department of Expenditure has issued an OM no.12(21)/E.Coord/2015 to its employees with the subject ‘Execss Expenditure Over Voted Grants’. This is not a new OM but it is being issued every year just before or during the Parliament session but never followed by anybody. I doubt whether those who are processing the OM itself is properly reading it or not.

It is simply quoting the Public Accounts Committee para 12 of its 36^th report on action taken by the government on their observations/recommendations contained in the seventh report (15^th Lok Sabha) on “Excess over Voted Grants and Charged Appropriations (2007-08) to the effect that no firm measures have been put in place by the Ministries/Departments concerned to avoid excess expenditure by the defaulter ministries. The OM also invited a reference to Rule 52(1) of the GFRs. The issue of such an OM is in vogue since the time GFR (General Financial Rules) came into existence. But who cares.

I had already written a book by name ‘A FRAUD IN THE INDIAN CONSTITUTION’ and published as an e-book (paper back is under printing) explaining how the Ministries in collusion with the Comptroller and Auditor General of India (CAG) is fooling the Parliament and thereby fooling the nation by accepting wrong audit objections by the ministry for remedial action and at the same time settling the genuine objections under the table (http://www.amazon.in/FRAUD-IN-THE-INDIAN-CONSTITUTION-ebook/dp/B00SQKTADY). In this book, I also dealt with in detail about this kind of casual type budgeting right from the lowest level of a section to the highest level Ministry.

Now the funniest part of the Office Memorandum: In this monsoon session of the Parliament, Finance Minister already prepared to seek approval for a supplementary Grant to finance a package to the public sector banks floating on the Non-Performing Assets (NPA). For more details, refer my earlier two blogs namely, ‘ROBBING THE POOR TO FEED THE RICH - THE GOVERNMENT WAY’ dated 18/06/2015 and “FINANCE MINISTRY AWARD TO ERRING BANKS’ dated 14/06/2015. In this background, my first question is whether the burden of NPA is a spontaneous incident noticed by the Finance Ministry after the last Budget session of the Parliament which necessitated for supplementary grant in the monsoon Session? If not, why it was not included in the Budget? When the Minister itself does not honour the rules and regulations, how they can control the subordinates? This is only one instance. Almost all supplementary requests if analysed would come to this category. Second question is, how many M.P.s are utilizing their grants fully or at least substantially during the financial year so that it is not lapsed?

( To read my various other blogs, visit my web site – www.manjaly.net) 

FAKE IN INDIA: BANKERS ARE PLAYING FIDDLE(SLEEPING) WHEN THEIR ASSETS ARE BURNING TO SCRAPS, BUT CVC SUPPORT THEM

IN CONTINUATION TO MY BLOG DATED 19/06/2015 UNDER THE CAPTION: ‘MAHARASHTRA CHIEF MINISTER ASKS CRIMINAL PROCEEDINGS AGAINST ERRING BANKERS’.

As reported in the DNA newspaper dated 10/07/2015, under the caption: ‘Banks to take possession of ...assets’, bankers are totally callous in nature to take action against the bigwig defaulters of loan repayment running into millions and billions on the simple theory that Government will recoup them from the public exchequer accumulated from beggars penny (Refer to my earlier blog of June under the caption ‘ROBBING THE POOR TO FEED THE RICH - THE GOVERNMENT WAY’ and ‘FINANCE MINISTRY AWARD TO ERRING BANKS’) to pay off the rich defaulters and to pay dividend to the shareholders.

According to the report, a consortium of banks under SBI Cap would soon take over the custody of about 40 vehicles and a personal jet of ………. But the funny thing is that, the SBI Cap acted apparently after media reports claiming about airport operator Mumbai International Airport Limited (MIAL) selling these assets as junks to recover its due of about Rs53 crore from the now-defunct …. .

The report further said that “a source in the bank has revealed that soon after the media reports, when they approached MIAL for assessing the assets, the airport operator started showing hesitance. dna had in its May 7 edition reported about MIAL issuing an open tender to sell the 39-odd vehicles as junk. The operator has earlier sold off one personal jets to a Sakinaka based junk shop owner, reportedly for Rs 22 lakh.”

The report further says, “MIAL officials, however, have a different version. An official said, “We have been writing to SBI Cap since past two years, but received no response. Hence, in order to clear the place where these abandoned assets are lying, we had decided to sell them. It’s good that now with the court order, the space will be freed for other operational works.” He added that the operator wouldn’t have got anything substantial by selling the assets as junk.”

According to the report, the defaulter owes over Rs 7,000 crore to bankers.

However, in a recent newspaper report, the CENTRAL VIGILANCE COMMISSION advised his men to go slow on prosecuting the erring bankers.

But think of a petty loan default from a common man due to oversight. Next day goons hired by the bankers would appear on his door steps or on the way while he was driving the car and take possession of the car.

Read my book - A FRAUD IN THE INDIAN CONSTITUTION- : www.amazon.in/dp/9352353986

ROBBING THE POOR TO FEED THE RICH - THE GOVERNMENT WAY

There is a proposal for Supplementary Demands for Grants in the coming Monsoon Session of the Parliament. From the recent utterances of the Finance Minister, it appears that the major necessity for the fund is to feed the public sector banks who distributed soft loans to the rich and affluent persons who have no history of repayment and know the ways and means to manage the things. For arranging this huge amount to feed the rich, tax rates of petroleum products are already increased that too at a time cost of raw material crude is falling daily. Otherwise, inflation would have been come down to some extend and the poor would have been benefited. Is there any action taken against those people who sucked the blood of the nation by granting such loans as well as by not repaying it? Why the government is silent on the issue. What is the indication of all these? Is it not robbing the poor to feed the rich?

Also read my other blogs:
http://indiantravelexperience.manjaly.net
http://publiccause.manjaly.net
http://cagreport.manjaly.net
http://centralemployeesnews.manjaly.net
https://www.facebook.com/afraudintheindianconstitution