India’s Superpower Euphoria CXVI
cogitoergosum
http://cogitoergosum.co.cc/2010/11/18/indias-superpower-euphoria-cxvi/
18 11 10 Written by navanavonmilita
Tv9 – India tops in black money – part 1
Arun Shourie,MP,on India’s Black Money
Swiss Government Accuses India of Submitting Forged Documents in Black
Money Case
Black Money parked by Indians in Swiss Banks come to the fore – Part 3
http://videos.oneindia.in/watch/23903/black-money-parked-indians-swiss-banks-come-fore-part-3.html
BLACK MONEY WILL BE UNEARTHED: PM
Part1- Illegal funds of Indians abroad – Tax Havens
http://www.desivideonetwork.com/view/60l5235q9/part1-illegal-funds-of-indians-abroad-tax-havens/
Probe Black Money in IPL: Opposition
http://videos.oneindia.in/watch/24720/probe-black-money-ipl-opposition.html
Swiss banks snub India on black money
http://www.in.com/videos/watchvideo-swiss-banks-snub-india-on-black-money-4551079.html
Total black money in India?
In: Economics, India Business and Finance, India Government
Protected question
Swiss bank revealed India has more money than rest of the world
This is so shocking.. ..If black money deposits was an Olympics
event..
India would have won a gold medal hands down. The second best Russia
has
4 times lesser deposit. U.S. is not even there in the counting in top
five! India has more money in Swiss banks
than all the other countries combined!
Recently, due to international pressure, the Swiss government agreed
to
disclose the names of the account holders only if the respective
governments formally asked for it.. Indian government is not asking
for
the details… ..no marks for guessing why?
We need to start a movement to pressurize the government to do so!
This
is perhaps the only way, and a golden opportunity, to expose the high
and mighty and weed out corruption!
Please read on..and forward to all the honest Indians to..
like somebody is forwarding to you…
and build a ground-swell of support!for action !
Is India poor, who says? Ask the Swiss banks. With personal account
deposit bank of $1,500 billion in foreign reserve which have been
misappropriated, an amount 13 times larger than the country’s foreign
debt, one needs to rethink if India is a poor country?
DISHONEST INDUSTRIALISTS, scandalous politicians and corrupt IAS, IRS,
IPS officers have deposited in foreign banks in their illegal personal
accounts a sum of about $1500 billion, which have been misappropriated
by them. This amount is about 13 times larger
than the country’s foreign debt. With this amount 45 crore poor
people can get Rs 1,00,000 each.
This huge amount has been appropriated from the people of India by
exploiting and betraying them. Once this huge amount of black money
and
property comes back to India , the entire foreign debt can be repaid
in
24 hours. After paying the entire foreign debt,
we will have surplus amount, almost 12 times larger than the foreign
debt. If this surplus amount is invested in earning interest, the
amount
of interest will be more than the annual budget of the Central
government. So even if all the taxes are abolished,
then also the Central government will be able to maintain the country
very comfortably.
Some 80,000 people travel to Switzerland every year, of whom 25,000
travel very frequently. ‘Obviously, these people won’t be tourists..
They must be travelling there for some other reason,’ believes an
official involved in tracking illegal money.. And, clearly,
he isn’t referring to the commerce ministry bureaucrats who’ve
been flitting in and out of Geneva ever since the World Trade
Organisation (WTO) negotiations went into a tailspin!
Just read the following details and note how these dishonest
industrialists, scandalous politicians, corrupt officers, cricketers,
film actors, illegal trade and protected wildlife operators, to name
just a few, sucked this country’s wealth and prosperity.
This may be the picture of deposits in Swiss banks only. What about
other international banks ?
Black money in Swiss banks – Swiss Banking Association report, 2006
details bank deposits in the territory of Switzerland by nationals of
following countries :
TOP FIVE
INDIA $1,456 BILLION
RUSSIA $470 BILLION
U.K. $390 BILLION
UKRAINE $100 BILLION
CHINA $96 BILLION
Now do the math’s – India with $1,456 billion or $1.4 trillion has
more money in Swiss banks than rest of the world combined. Public loot
since 1947:
Can we bring back our money ? It is one of the biggest loots witnessed
by mankind – the loot of the Aam Aadmi (common man) since 1947, by his
brethren occupying public office. It has been orchestrated by
politicians, bureaucrats and some businessmen.
The list is almost all-encompassing. No wonder, everyone in India
loots
with impunity and without any fear. What is even more depressing in
that
this ill-gotten wealth of ours has been stashed away abroad into
secret
bank accounts located in some of the world’s
best known tax havens. And to that extent the Indian economy has been
stripped of its wealth. Ordinary Indians may not be exactly aware of
how
such secret accounts operate and what are the rules and regulations
that
go on to govern such tax havens. However,
one may well be aware of ‘Swiss bank accounts,’ the shorthand for
murky dealings, secrecy and of course pilferage from developing
countries into rich developed ones.
In fact, some finance experts and economists believe tax havens to be
a
conspiracy of the western world against the poor countries. By
allowing
the proliferation of tax havens in the twentieth century, the western
world explicitly encourages the movement of
scarce capital from the developing countries to the rich. In March
2005, the Tax Justice Network (TJN) published a research finding
demonstrating that $11.5 trillion of personal wealth was held offshore
by rich individuals across the globe.
The findings estimated that a large proportion of this wealth was
managed from some 70 tax havens. Further, augmenting these studies of
TJN, Raymond Baker – in his widely celebrated book titled
‘Capitalism’ s Achilles Heel: Dirty Money and How to Renew the
Free Market System’ – estimates that at least $5 trillion have
been shifted out of poorer countries to the West since the mid-1970.
It is further estimated by experts that one per cent of the world’s
population holds more than 57 per cent of total global wealth, routing
it invariably through these tax havens.
How much of this is from India is anybody’s guess …????
if India is doing like this the annual tern over will be less and our
market will have to close down (BSE\NSE)
we have to trace out the black money when the polities have kept ?
where there they use ? but they don’t have correct tax details . all
are illegal only
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18 Nov 2010 08:53:25 AM IST
Indians top Swiss bank’s black money list
Swiss Bank
Building of UBS the Swiss Bank
Demands of bringing back Indian black money deposited at Swiss Bank
have been raised in the past several times but it will get further
boost with the latest revelation.
According to the Swiss Bank Association, Indians have topped the list
of black money depositors at the famous Union Bank of Switzerland
(UBS).
Indians have deposited 65 thousand 223 billion amount in the Swiss
Bank. Surprisingly, Communist countries like Russia and China are also
in the list of leading depositors.
Russia stands second in the list while China has grabbed the 5th
position.
In the general election 2009, BJP leader LK Advani and yoga guru Baba
Ramdev had raised the issue of black money deposited in Swiss bank.
But it is the first time when the exact amount has been revealed by
the Swiss Bank Association.
If Indian government manages to bring this amount back, it will be a
major boost for country’s economy as far as foreign currency is
concerned. But it will be a mammoth task for the Central government to
bring back the money.
After the disclosure, it will be interesting to see what action will
be taken by the Indian government in this regard.
However, experts believe that it will also raise the inflation if such
a huge amount comes to India. Experts suggest that government should
invest this black money in the share market and other development
projects.
Ironically, in a country like India where several people die of
poverty and starvation every year, such a huge amount is being
transferred to Swiss Bank.
Government should put pressure on Swiss Bank Association for details
of the depositors, so culprits should be brought to justice.
18 Nov, 2010, 10.19AM IST, Binoy Prabhakar,ET Bureau
Black money trail: India drained of Rs 20 Lakh crore during 1948-2008
says a study
* Comments (13)
NEW DELHI: In a season of swindles, kickbacks and scams, here is some
more on the mother of them all. Black money —the popular moniker given
to the billions seeded by dirty deals and whisked away abroad from the
taxman’s prying eyes — has received much attention in recent years.
The opposition never tires of screaming foul at the government. The
government, for its part, is at pains to say it is doing all it can to
track down the illegal stash.
Despite the cacophony, an estimate of the scads of black money in
secret bank vaults overseas has long been one big unknown, resulting
in a great deal of speculation and glib talk around the subject.
Finally, some help is at hand. A new study by an international
watchdog on the illicit flight of money from the country, perhaps the
first ever attempt at shedding light on a subject steeped in secrecy,
concludes that India has been drained of $462 billion (Rs
20,556,848,000,000 or over Rs 20 lakh crore) between 1948 and 2008.
The amount is nearly 40% of India’s gross domestic product, and nearly
12 times the size of the estimated loss to the government because of
the 2G spectrum scam . The study has been authored by Dev Kar, a lead
economist with the US-based Global Financial Integrity, a non-profit
research body that has long crusaded against illegal capital flight.
Mr Kar, a former senior economist with the International Monetary
Fund, says illicit financial flows out of India have grown at 11.5% a
year, debunking a popular notion that economic reforms that began
nearly two decades ago had tempered the creation and stashing away of
black money overseas.
Outflows accelerated after reforms
If capital outflows were a child of the independence era, the problem
came of age in the years after the reforms kicked in. Nearly 50% of
the total illegal outflows occurred since 1991. Around a third of the
money exited the country between 2000 and 2008.
Black money trail: India drained of Rs 20 Lakh crore during 1948-2008
says a study
* Comments(12)
Recommended (3)|
SWAMINATHAN (TAMILNADU)
18 Nov, 2010 03:10 PM
DURING 2009 PARLIAMENT ELECTION BOTH BJP AND CONGRESS TOLD THAT WITHIN
100 DAYS THEY WILL BRING BLACK MONEY FROM SWISS BANKS. NOW NO PARTY IS
CRYING WITHIN PARLIAMENT OR OUTSIDE AS THEY ARE ALL KEEPING THIER
BLACK MONEY RIGHT FROM COMMUNIST PARTIES TO SMALL PARTIES LIKE ADMK
ETC.
Chandra Prakash Baid (Kolkata)
18 Nov, 2010 12:57 PM
A latest report by Global Financial Integrity suggests that
Politically Exposed Persons (PEP) have stashed as much as $462 Billion
out of India and deposited in Safe Heavens of World like Switzerland…
Despite the Swiss Parliament have passed “Restitution of Illicit
Assets Act, 2010″ and after amendments in DTAA with Switzerland which
includes OECD Norms pertaining to tax information of citizens, Our
Political Parties and Bureaucrats does not have political will to look
into it and bring back this huge sum of money for Development of
Nation… So Called Raul Vinci have made statement before Election that
his party will do every bit to bring this illicit wealth… So far no
action… God knows why people support Congress Party and vote for them
in Elections… Jai Hind..
Natarajan (Chennai)
18 Nov, 2010 12:13 PM
Democracy in India say the exit of Monarchies that are centuries old.
Now it has created new Monarchies. So Democracy is for creating new
powers. Democracy is good ..but anything that is uncontrolled will
lead to catastrophic issues like what India is currently undergoing.
prashant (Mumbai)
18 Nov, 2010 10:13 AM
I agree with Jeet. The only and immediate solution I can see is to ban
any transaction above Rs. 10,000 in cash. Alternatives such as Bank
Cheques, Credit Cards can be used to transact.
Jay (hyderabad)
18 Nov, 2010 10:09 AM
Well Money gone is gone, black money would be generated irrespective
of the controls being brought in. Since the policy makers are a part
of the racket, expecting much would be of no use. However i think the
government in the present scenario should come up with a one time
scheme to channelise the money back into india legally.
Raj (Bangalore)
18 Nov, 2010 09:49 AM
An equally big amount of black money is amongst Indians in India, just
look around oneself and tell me if you cant see black money flowing
within India itself.
Agree (2)Disagree (2)Recommend (2)
vg (us) replies to Raj
18 Nov, 2010 11:43 AM
I have never seen BLACK MONEY; I have always seen legal tender notes.
Just because the Govt is voluntarily or involuntarily inapt, it does
not make money BLACK. Having pointed out that, the so called black
money is India is not black money – it is part and parcel of day to
day economic activity and is fully engaged in productive capacity.
Similarly, the so called black money abroad is due to the inapt policy
of Govt of India. Money by nature goes where the owner of money has it
secured for self. Govt of India fails on that account all the time.
Black Money in ir of India is not a cause but a symptom of inapt and/
or currupt governance. To cure the ill, hit the cause not the symptom.
Gourav (US)
18 Nov, 2010 09:06 AM
Well another study that brought up the issue of the Indian money
stashed out. The issues we are faced with is that if this is countries
money then how can it be brought back in the country. the study does
shows a problem could we request a solution from the same group????
and can that solution be given the same amount of attention and then
once the solution is published we need to make sure that the action
based on the solution is taken… Once we complete the step one then
step 2 will be to stop or prevent or minimize the money drain in the
future. This is a humble request to ET for publishing the possible
solution to bring the money back to the country if possible from the
same forum…
Agree (2)Disagree (2)Recommend (2)
Bala (Bengaluru)
18 Nov, 2010 07:57 AM
God Bless India !!!
Jeet (USA)
18 Nov, 2010 06:14 AM
This is result of lack of political will and unlimited discreationary
powers with Ministers/Beaurocrats. The first thing govenment should do
to stop cash transactions beyond limit if say Rs ten
Thousand.Accountability should be brought in and there should be
exemplary punishment to culprits.
Agree (2)Disagree (2)Recommend (2)
vg (us) replies to Jeet
18 Nov, 2010 11:50 AM
. Just go to registering your flat purchase, pay INR xxxxx to get it
done legally. If no money, keep making trips with all proper
documents. It is every where from INR 20 to crores from peon to
minister(as I read in news paper). it is not only lack of political
will, it is declining moral values in the country. Do not blame
ministers alone, all are involved except a few.
Prana (Delhi)
18 Nov, 2010 05:32 AM
As Swaraj Paul said rightly cheating / fraud is Indian culture . It is
in the blood of every Indian.
Agree (0)Disagree (2)
18 Nov, 2010, 05.53AM IST, T K Arun,ET Bureau
What we need in telecom policy
Beyond the joy of nailing a villain, what is the fallout, if any, from
the telecom scandal that has taken a minister’s scalp, transfixed
Parliament and thrown assorted telecom licensees into a tizzy of
uncertainty? What is needed is a radical rethink of the entire policy
of allocating spectrum and regulating telecom in a manner that will
break the emerging stranglehold of Chinese companies on the market for
telecom infrastructure and give Indian companies an opportunity to
dominate a new, possibly global market in telecom.
The technological premise for such a radical change is that the
present practice of allocating dedicated spectrum to specific uses and
specific service providers is obsolete and inefficient. Technology is
ripe for switchover to new network design and architecture which can
realise the potential to increase network capacity in proportion with
the number of users. Only the absence of regulatory innovation holds
up the change. India must take the lead, rather than wait for someone
else to take the plunge.
Underlying the notion that different bands of spectrum should be
dedicated to different uses like broadcast, telephony, space
communications, etc, and, further, to particular service providers
within each use category is the idea of interference — different
wavelengths would interfere with one another and spoil the signal, if
they are not segregated user- and use-wise. This might have been valid
in the misty beginnings of radio communications, but not anymore.
Interference is a limitation of the signal receiver’s capability to
make sense of different frequencies, coding, modulation, etc. Physical
radio waves do not interfere with or damage one another. Modern,
sophisticated pieces of equipment are not struck dumb by signals that
are not meant for them, because they can receive and sort the entire
range of signals, unscramble and assemble the signals meant for them
and pass on, with a signal boost, whatever is not meant for them. They
can make use of the entire range of spectrum all at the same time, and
each become a booster of network capacity.
Software-defined radio, spread spectrum, ultra-wideband and smart
antennae are bits of the jargon that will hit anyone trying to explore
advances in communications made possible by digital signal processing
and the networking of networks (inter-networking). But before
proceeding further into the wonderland of technology, we need an
explanation as to why, if such a possibility already has opened up, no
one in the world has ventured to explore it in practical terms.
The short explanation, as in the case of the telecom scam, is vested
interests. The technologically evolved economies also have powerful
entrenched players making a lot of money from the current system of
dedicating specified chunks of spectrum for uses and users, and
banning the deployment of equipment in a network architecture that
would seamlessly embrace the entire range of spectrum and re-transmit
signals en route. These incumbents reinforce the inertia derived from
laws and regulation that have been built on the basis of early 20th
century technology. (For a guided tour of the new terrain, look up
‘open spectrum’ or David P Reed).
See also:
Black Money Monster: Sid Harth (136 Posts)
Black Money Monster is Alive and Kicking: Sid Harth
‘Swiss black money can take India to the top’
March 31, 2009 19:41 IST
Indian money stashed in the Swiss Bank has become a focal point of
debate, especially after the Leader of Opposition and the Bharatiya
Janata Party’s [ Images ] prime ministerial candidate L K Advani
[ Images ] raised the issue on Sunday. If elected, the BJP has vowed
to bring the black money back home. Though the Congress dismissed the
idea, the Swiss bank issue is slowly becoming a hot election issue.
In fact the BJP also plans to carry out a mock election across the
country on April 6 where people will have to cast their vote
indicating whether India [ Images ]n money in Swiss banks should be
brought back to India or not.
During his address, Advani said the BJP will form a task force
comprising experts to prepare a strategic document for India to
recommend ways to get back the national wealth stashed away illegally
by corrupt politicians, businessmen and criminal overlords.
One of the names he mentioned in the task force is Professor R
Vaidyanathan, Professor of Finance at the Indian Institute of
Management, Bengaluru [ Images ].
In this exclusive interview to rediff.com’s Vicky Nanjappa,
Vaidyanathan explains in detail the importance of bringing back the
ill-gotten wealth and how the money got there in the first place.
Firstly how much Indian money do you think is stashed away in the
Swiss Banks?
In 2006, the most recent Global Financial Integrity study, developing
countries lost an estimated $858.6 billion (about Rs 43 lakh crore) to
$1.06 trillion (abot Rs 51 lakh crore) in illicit financial outflows.
Even at the lower end of the range of estimates, the volume of illicit
financial flows coming out of developing countries increased at a
compound rate of 18.2 percent over the five-year period analysed for
the study. On average, for the five-year period of this study, Asia
accounts for approximately 50 percent of overall illicit financial
flows from all developing countries.
This report shows that the average amount stashed away from India
annually during 2002-06 is $27.3 billion (about 136,466 crore). It
means that during the five-year period the amount stashed away is
27.3×5=136.5 billion (about 692,328 crore). It is not that all these
amounts went to Swiss banks. It has gone to different tax and secret
shelters. The share of Swiss banks in dirty money being a third of the
global aggregate, some $45 billion out of the 136.5 billion stashed
away from India would have been hoarded in these years in Swiss banks.
The important point is that this is only for five years. More amounts
were stashed away during the Nehruvian regime. So the loot for 55
years will be several times higher. In fact, in those days the rupee
commanded a better value per dollar. So fewer rupee could get more
dollars. So the estimation that the Indian money stashed away may be
of the order of $1.4 trillion (about Rs 71 lakh crore).
On what basis have you come to this conclusion?
There is a lot of literature available as to how to estimate the
illicit financial flow from developing countries. We find out what the
nature of the flow is. I have also relied upon the study Illicit
Financial Flows from Developing Countries: 2002-2006 Global Finanacial
Intergrity authored by Dev Kar and Devon-Cartwright Smith, a project
of the Ford [ Images ] Foundation. Financial flows in the context of
this report includes the proceeds from both illicit activities such as
corruption (bribery and embezzlement of national wealth), criminal
activity, and the proceeds of ilicit business that become illicit when
transported across borders in contravention of applicable laws and
regulatory frameworks (most commonly in order to evade taxes).
Which are the various tax havens, where the ill-gotten wealth of
Indian businessmen and politicians are stashed?
There are presumably more than 70 tax havens in the world. Indian
wealth could be more in Switzerland [ Images ] and various British /US
islands. At least 40 countries market themselves aggressively as tax
havens [Source: Internal Revenue Service USA on Abusive Off-shore Tax
Avoidance schemes –Talking Points Jan 2008]. The well-known tax havens
are Switzerland/ Liechtenstein/Luxemburg/ Channel Islands etc.
Could you elaborate and tell us how the money got there in the first
place?
There are several methods/reasons. Under invoicing/over invoicing of
exports and imports and getting the balance stored abroad. Kickbacks
from major defense/civilian contracts. Not bringing the earnings
abroad. In the old days smuggling of gold and illegal money.
Transactions done abroad and not reported here. Hawala funds. Funds
earned by artists/ entertainment industry /sports people and stashed
abroad. When you want to indulge in adharma, hundreds of ways are
open!
We would like to know the terror connection. Do you think even
terrorists are stashing away cash and using the tax haven route to
send across money all over the world, to finance their activities?
M K Narayanan, our National Security Advisor, has spoken about it in
Berlin recently.
Advani says that it is important to bring this money back. How can the
government go about it and what are the various ways in which India
can get its money back?
Put it on the Global Agenda. Put it in G-20. Put it in the
International Monetary Fund. Put it in Egmont Group. Also take a lead
among all developing countries. Support US /German/French efforts.
If India decides to take the initiative, will the Swiss authorities
cooperate?
It is not due to our pressure but that of US which will make them co-
operate. When a family is in deep financial crisis then it tries to
look at the small amount saved under the sugar jar by grandma. Same
way developed economies are desperate for every dollar. Even if we do
not act due to their efforts the list of crooks may be out, then we
will be in a dangerous social situation since the who’s who of India
will be there. Instead we should get it and get the funds and decide
on the steps to sterilise it. Otherwise, the world will laugh at us.
Politicians sure must be having a lot of money in Swiss Banks. Do you
think this factor will deter the government from acting?
Public pressure will make them do it. Plus, the evolving global
situation against tax havens. The money belongs to the poor farmers
and unorganised workers of India. Also, Indian businessmen have a lot
of their ill-gotten gains in these banks. The world situation is such
that Indian businessman will want to bring it back now given the
attractive returns in India.
Do you think that the Indian government should demand all the Indian
black money in Swiss banks?
Of course. India should and must act. We are not a banana republic.
You wrote in your column that the German foreign intelligence agency
BND got names of 1,400 clients of the Liechtenstein-based LTG bank who
were supposed to be suspected tax evaders. Of the 1,400, 600 were
supposed to be Germans. Do you think of the remaining there will be
Indians as well? Has the Indian government approached the German
government for the list?
Indian names will be there. Our tax evaders and crooks are like the
omnipresent Maha Vishnu [ Images ] — present in all continents and all
tax havens. But our government has been lukewarm in this issue. It
should have despatched immediately senior officials to get the names.
Isn’t it important to tackle the issue of domestic black money?
It is definitely important. At least the domestic black money is used
in our economy and to that extent it is productive. But the money kept
in Swiss banks is neither useful to India nor does it benefit Indians.
What role should the media play?
The media has a very important role to play. At the moment it seems
like most part of the media is more interested in the diet of an
actress. Pressure by the media needs to be built up on this issue and
remember that a lot of Indians don’t just go to Switzerland to ski.
What about the names of these persons?
India must try and get the names. But more importantly should get the
money back. It should be top on the agenda and India ought to take a
moral lead in this issue.
Will the Indian economy improve if the money is brought back?
It will do phenomenally. India will be in the top five league if all
the ill-gotten money is brought back. It will change the Indian
scenario and I have been saying this since 1993.
Do you think that these people will now try and pull out the money
since this issue has become a hot topic?
I don’t think so. If they do then India should create an instrument
and regulate frameworks to bring the money back.
What kind of punishment do you suggest for these persons?
Punishment is not the issue now. There is a need to create fear in
them and follow what the international community does on this issue.
Lastly do you think this is becoming just another election issue?
The US and Germany [ Images ] took the lead and there is no election
there. We should not treat this as an election issue. We have to take
up this matter and if we don’t then we will become a laughing stock of
the entire world.
Vicky Nanjappa
Cong rider for JPC: 2G probe from 1998
CNN-IBN
Posted on Nov 18, 2010 at 12:07 | Updated Nov 18, 2010 at 13:05
New Delhi: According to CNN-IBN sources, Congress agreed for a Joint
Parliamentary Probe into the 2G spectrum scam on Thursday, though with
a rider.
The Congress says that it is ready for a joint parliamentary probe –
but it should cover spectrum scams right from the NDA’s time in 1998.
The party wants to increase the scope of the probe beyond sacked
Telecom Minister A Raja and include decisions taken even during the
NDA regime.
Cong rider for JPC: 2G probe from 1998
The BJP has termed the Congress demand as meaningless.
Saying that the PM’s integrity has taken a severe beating, BJP
spokesperson RaviShankar Prasad said his party will decide whether to
demand the PM’s resignation.
Meanwhile, the deadlock in Parliament over the 2G scam continued for
the 8th day. Both the Houses of the Parliament were adjourned after
the Opposition stalled the proceedings demanding a JPC into the scam.
New Delhi, November 18, 2010
Parliament adjourns for the day on 2G spectrum issue
PTI
The Parliament failed to function for the fifth consecutive day on
Thursday, with the Opposition insisting on a Joint Parliamentary
Committee probe into the 2G spectrum allocation and Congress and JD(S)
hitting back alleging land scam involving BJP-led government in
Karnataka.
As soon as the Lok Sabha assembled, members of BJP, BJD and SP trooped
into the well raising slogans for setting up a JPC to probe the
alleged irregularities in the allocation of 2G spectrum.
When the BJP-led opposition raised slogans “We want JPC”, Congress
members countered them waving huge placards against the B.S.
Yeddyurappa government in Karnataka. “Dismiss the BJP Government. Seek
Fresh mandate in Karnataka”, “We stand for moral values, what do you
stand for?” read the placards waved by Congress members.
Earlier this week, government auditor CAG had indicted Telecom
Minister A. Raja of committing irregularities in allocation of 2G
spectrum causing a presumed loss of Rs. 1.76 lakh crore to the
exchequer.
Speaker Meira Kumar’s attempts to pacify the members bore no fruit and
she adjourned the House till noon hardly a few minutes after it met.
The Lok Sabha was later adjourned for the day.
In the Rajya Sabha, opposition BJP and AIADMK members rushed to the
well the moment Deputy Chairman K. Rahman Khan took up the listed
business.
Mr. Khan asked the members to go back to their places so that he could
take up an obituary reference to condole the death of over 65 persons
in a building collapse in East Delhi.
But BJP and AIADMK members rushed into the well shouting “We want
JPC.”
Prime Minister Manmohan Singh was present in the House when it
witnessed the commotion.
At one point some members from Treasury benches including Mabel
Rebello too started moving towards the well but were prevented from
doing so by Rajeev Shukla (Cong).
As the Prime Minister too gestured them not to go to the well, they
stood in the aisles raising certain issues that could not be heard in
the din.
Minutes into the pandemonium, Mr. Khan adjourned the House till
Friday.
Keywords: 2G spectrum allocation, Parliament, winter session, JPC
probe
…and I am Sid Harth
Category: News, Views and Reviews
India’s Superpower Euphoria CXV