DMK CM Karunandihi is now trapped!
Chinese premier Wen Jiabao began his Bumper India Trade Tour, his three-day visit to India with a Big Bang on Wednesday, the exiled Tibetan government stated here that the issue of Tibet was centrally linked to the long-standing boundary dispute between India and China.
Chinese companies ink pacts worth $16 bn with Indian firms
Indian Holocaust My Father`s Life and Time - FIVE Hundred Forty THREE
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
http://basantipurtimes.blogspot.com/
15/12/2010
Govt mulls regulating corporate lobbying
Chennai: Amid the raging storm over the Niira Radia tapes, corporate affairs minister Salman Khurshid said his ministry would hold discussions with other ministries to regulate corporate lobbying.
"There is no law on this now. Today we do not have anything in the draft that is before Parliament. But we may have to find some other way of regulating it," Khurshid told reporters here when asked if there is a move to ban or regulate corporate lobbying.
When asked about Radia tapes, the minister said, he will have to take all the ministers for a view before moving forward. Following the leakage of conversations of corporate lobbyist Niira Radia with politicians, corporates and media persons, which have stirred a hornets' nest, Tata Group Chairman Ratan Tata has moved the Supreme Court against the leakage of tapes involving him and corporate lobbyist Niira Radia and further publication of the same.
HDFC Chairman Deepak Parikh had also commented on telephone tapping and leakage of 'private conversations' saying that the morale of the industry has been hurt by such incidents. Lobbying is a legitimate business in countries like the US. However it is not recognised in India in statutory or non-statutory form.
On the other hand, Diljeet Titus, senior partner of law firm Titus & Co, said, "Lobbying, which basically means influencing government decisions externally, could invite Prevention of Corruption Act and may also go against the service rules for bureaucrats".
Lalit Bhasin, managing partner Bhasin & Co, said, "In the US lobbying is not only for corporates, but also for appointing judges. It is a flourishing industry there, a recognised mode of canvassing... In India, it is a developing phenomena like the Public Relations."
He added that lobbying, which is an act of trying to influence government leaders, is not seen as good corporate practice in India.
When asked about Chennai-based Green House Promoters, a real estate company, owned by family of Sadiq Basha, a close aide of former Telecom Minister A Raja who was questioned by CBI regarding the 2G spectrum issue, Khurshid said the ministry has not yet received any complaint. "Somebody has to complain to us."
On the Subhiksha Trading Services fiasco in which the Chennai-based retailer was forced to shut all its stores early last year after a cash crunch, Khurshid said they faced some legal complications on the issue.
"There are some legal complications and therefore we have to be guided by what the Court has said. Obviously we have a role and we will do that," he said. To a query on setting up of a National Company Law Tribunal, he said, "It is coming after the budget session".
The National Company Law Tribunal was proposed in the 2002 amendment to the Companies Act.
Khurshid was here to participate in a seminar 'Corporate Sustainability: The Driver of Innovation' organised by industry body FICCI.
Source: PTI
Chinese premier Wen Jiabao began his Bumper India Trade Tour, his three-day visit to India with a big Bang on Wednesday, the exiled Tibetan government stated here that the issue of Tibet was centrally linked to the long-standing boundary dispute between India and China.Chinese Premier Wen Jiabao arrived in India on Wednesday and said the world was big enough for both Asian giants to prosper as partners, not competitors.
Commitment to Zionist Brahaminical Corporate MNC India Incs Imperilism May Not be Questioned,the Super Slave Prime Minister Clarifies as the Kargil Heroine, though stripped Naked in Neera Radia tapes Continues the Realty Show!Dr. Manmohan Singh has the Topmost priority to address Corpoarte Nervousness!Meanwhile,in a series of raids on Wednesday in connection with the 2G spectrum scam, CBI officials searched an NGO operated by Rev Jegat Gaspar Raj which has on board Rajya Sabha MP Kanimozhi. DMK CM Karunandihi is now trapped!
Prime Minister Manmohan Singh said on Tuesday he has asked Cabinet Secretary K M Chandrasekhar to look into the issue of telephone tapping and suggest measures within a month to prevent the leak of recorded conversations outside the government.
"We must look for solutions to technology to prevent access of telephone conversations outside the institutional framework of the government... I am asking the Cabinet Secretary to look into these issues and report back to the Cabinet within the next month," he said while inaugurating the India Corporate Week 2010 here.
Chandrasekhar has been asked to submit the report within a month.
Singh said that he was aware of the "nervousness" in the corporate sector over the powers to tap telephone for protecting national security, prevent tax evasion and money laundering.
"While these powers are needed, they have to be exercised with utmost care and under very defined rules, procedures and mechanisms so that they are not misused," he said.
"Legal mechanisms in place should be strengthened for more effective enforcement," Singh further added.
CBI investigating a telecoms licence scandal that may have cost India $39 billion and has engulfed its corporate and political elite searched the home and offices of one of the country's most powerful lobbyists.
With CBI stepping up probe in the 2G spectrum scam including a raid on a NGO linked to Chief Minister M Karunanidhi's daughter Kanimozhi, Congress today ruled out any fallout on its ties with key ally DMK.The LTTE, which is almost on the verge of a wipe out, is trying to regroup and planning to launch spectacular strikes on high-profile targets like PM, P Chidambaram and M Karunanidhi.
Sabita is away back Home in Basantipur to attend the Marriage of her nephew. She left Kolkata on last 12th december by jammu Tavi express. Her brothers are now well to do and they picked up her from Rampur junction in their car.
On 14th she landed in Basantipur and called me. My brothers Padmlochan and Panchanan and the children engaged me in interactions. I was cooking the curry which was burnt meantime.
It is good that the stand off between Padma Lochan and Sabita is blown over.
Tussu is engaged in his video games at home in Sodepur.
I have plenty of time to watch TV and reading as well.
I browsed AASTHA channel meanwhile amidst the newsbreaks realted to 2G scam.
AASTHA is telecasting Live the Swabhiman Yatra of Baba Ramdev.
With lot of PRANAYAM and Kapal Bhati the Corporate Yoga Guru is quite interesting and apears Super Efficient to sell his version of Nationalist Hindutva. He is in Jharkhand nowadays and will cross over Bengal on 20th December. He will be staying in Kolkata from 25th to 28th December.
Mind you, that Mulnivasi Bamcef National Convention is being organised in Durgapur from 25th to 29th December.
Baba Ramdev will be on extensive tour of Orissa in January next where BJD CM Naveen Patnaik has intensified the PCPIR and SEZ drive. Kendrapara and Jagatsinghpur agrarian communities have to be ejected out. Entire Jharkhand and Orissa have been handed over to LPG Mafia as rest of the Country!
The Baba Brand Hindutva hyped as ANSWER to all kinds of illlness, would boost the Corpoarte interests. Mind you, Baba Ramdev led the Hindutva plus Corpoaret plus Media campign to manipulate Loksabha Mandate pushing Economic reforms. This equation is super exposed in Neera Radia tapes. Amusing is the central idea of Baba ramdev Swabhiman Yatra, as it is targeted to make India Free of Corruption and the campaign is led by the Most Corporate friend Spiritual corporate personafied Baba Ramdev. Coincidentally,the face of Gandhian Nehru zionist Ruling Dynasty, the sick Primeminester and his gang of extraconstitutinal MultiBillionair elements do promise an INCLUSIVE India of Exclusive sensex economy, inflicted with Corruption. The Media space is inflicted with corpoarate interests as it is very clear tha the Kargil heroine, STRIPPED Naked, is shameless enough to continue the realty show live!
Balakrishnan insists that Raja's name was not mentioned
Facing criticism on the controversy surrounding former minister A Raja allegedly attempting to influence a Madras High Court judge, former CJI K G Balakrishnan today insisted that the minister's name was not mentioned by Justice H L Gokhale in his report.
Joining issue with sitting Supreme Court judge Gokhale, who contradicted him yesterday, Balakrishnan issued a statement today saying there was no question of suppressing the report of the then Chief Justice of the Madras High Court (Gokhale).
The former CJI, however, did not refer to the letter written by Justice R Reghupathi, who was approached by a lawyer taking the name of Raja for securing bail to an accused in a criminal case, to Gokhale in which he had taken Raja's name.
The controversy has refused to die with Gokhale yesterday issuing a statement flatly contradicting Balakrishnan's claim at a press conference last week that his letter did not name Raja.
Gokhale pointed out that Reghupathi's letter was already with the CJI and in the second para of that letter, the judge had specifically mentioned Raja's name.
Today, Gokhale refused to comment on Balakrishnan's statement. "I have already made my statement," he said.
Balakrishnan said from news reports it appears that an attempt was being made to creat a wedge between high institutions of judiciary and attach motives over the allegations of a union minister having spoken to a judge to influence his judicial function, which is unfortunate.
"I am issuing this statement only with the hope that the facts will not be twisted and henceforth no motives will be attached to the judiciary," he said.
Referring to to Gokhale's statement yesterday, Balakrishnan contended that he had not said that the judge had sent an incorrect or false report to him regarding the alleged incident or suppressed any facts.
The CBI on Wednesday carried out searches at the premises of corporate lobbyist Niira Radia and former TRAI chairman Pradeep Baijal in connection with the alleged Rs 22,000 crore 2G spectrum scam, a week after conducting raids at the residences of former Telecom Minister A Raja.
About 150 sleuths of the investigating agency swooped down at 27 places in Tamil Nadu and seven in Delhi in the wee hours and began searches which included some auditors and accountants of Raja besides the premises of Radia and Baijal, official sources said.
Radia's office -- Vaishnavi Corporate Communications -- and her farm house in South Delhi were among the first of the premises searched by the CBI, the sources said, adding some of the persons who had been closely associated with the handling of accounts and funds of Raja were also been searched by the agency.
The residence of Baijal, who retired in 2006 after serving as TRAI chairman for nearly three years, was being also searched. He is currently working with Radia. The allegation against him was that as the chairman of the regulatory body, which recommends various policies to the Government, he had helped some telecom firms.
The CBI also raided the homes and offices of business relatives of former communications minister A. Raja.
In a coordinated operation, Central Bureau of Investigation (CBI) officials searched the New Delhi homes and offices of Radia, whose intercepted telephonic conversations showed her lobbying for Raja when a new government came in last year.
CBI Deputy Inspector General of Police Vinita Thakur told IANS that officials landed up at Radia's Sainik Farms house in south Delhi as well as her plush office on Barakhamba Road in the heart of the city in the morning.
"The raids started early today (Wednesday)," Thakur told IANS. "They will continue as long as needed. We hope to give out further details by evening."
CBI officials stormed the New Delhi house of Baijal as well as 27 places belonging to the relatives of Raja in Tamil Nadu.
A prominent DMK leader, Raja was forced to exit from Prime Minister Manmohan Singh's government last month over charges that he sold second generation spectrum at below market rates, causing huge losses to the exchequer.
The controversy hit the roof following the leak of a large number of Radia's telephonic intercepts that showed her lobbying for Raja while talking to leading industrialists and journalists when Manmohan Singh was preparing to form a Congress-led government in May last year.
Wednesday's CBI raids came days after parliament's winter session ended in fiasco in the wake of opposition protests demanding a joint parliamentary probe into the 2G spectrum scam. The government has rejected the demand.
Amid charges for flouting environment laws by some influential business houses, Prime Minister Manmohan Singh on Wednesday said there was a perceived "ethical deficit" among some corporates which need to follow fair means in their pursuit. "I am sure, business leaders are aware that businesspractices of some corporate houses have recently come under intense public scrutiny for their perceived ethical deficit," he said while addressing captains of industry at India Corporate Week 2010 function in New Delhi.
Some leading industrial houses, mainly engaged in mining and real estate are facing charges of violating environmental laws, while a few others are under public eye for intensive lobbying to influence government policies.
Expressing concern over the way natural resources are being used by industry, Singh said, they need to be "sensitive to the needs and aspiration of common man ... for their long term survival."
The Prime Minister cautioned that in absence of adequate resettlement and rehabilitation of project displaced people, faith in industrialisation may erode. "Our growth process must not suffer because of loss of confidence in industrialisation and development.
We need policies and interventions that would minimise livelihood disruptions." He said increased employability of population through skill development must be central to corporate strategy. Singh said "ethical and responsible behaviour needs to become the cornerstone of corporate behaviour, as indeed our national outlook."
Recalling the words of the Father of Nation, he said, "Mahatma Gandhi repeatedly emphasised the importance of not only good ends but also the use of fair means to attain them. It is the large companies that have to set the pace in this regard. The rest of the corporate sector will quickly follow as a norm."
The companies, he added, must adopt environment friendly measures and "avoid taking shortcuts" which can adversely impact livelihood of the local populace. The prominent industry leaders present at the function included CII President Hari S Bhartiya, Assocham President Dilip Modi, Ficci past president and Apollo Tyre chief Onkar S Kanwar and Bajaj Auto chairman and Rajya Sabha member Rahul Bajaj.
Rejecting the "dragon" and "elephant" comparison made between China and India, Chinese Premier Wen Jiabao on Wednesday said there is enough space for both the two Asian nations to develop and prosper. "China and India are partners for cooperation and not rivals in competition. There is enough space in the world for the development of both China and India and there are enough areas for us to cooperate," he said addressing industry leaders of the two countries at a meeting organised by the apex chambers in New Delhi.
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15 Dec 2010, 22:30 Indirect tax collections up 42 per cent in eight months Revenues from indirect taxes in India jumped up 42.3 per cent to Rs.2,07,756 crore in the first eight months of the current fiscal (2010-11), led by 67 per cent higher collection from custom duties. 15 Dec 2010, 21:26, Prabha Jagannathan Govt to allow 5 lakh tonnes of sugar export The sugar industry can finally heave a sigh of relief on exports with food and agriculture minister Sharad Pawar announcing today that the Centre will allow export of half million tonnes of sugar this fiscal. | |||
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http://economictimes.indiatimes.com/news/economy/articlelist/1373380680.cms
15/12/2010
Stung by Radia, Praful Patel calls her an economic terrorist
New Delhi: Civil Aviation Minister Praful Patel, who was at the receiving end in the tapped conversations of corporate lobbyist Niira Radia, today wondered how she came to prominence and what her claim to fame was.
Refusing to join issue with her, he said such people run "smear campaigns" and have "vitiated" the atmosphere. "How did she come to know so many people in Delhi? What was her claim to fame?" Patel said.
"Such people do not deserve any of my time and attention, except to say that it is such type of people who vitiate the atmosphere and run smear campaigns to suit their interests," he said, but ruled out plans to take any legal action against Radia for her statements against him.
In the controversial tapes, Radia tells Rajya Sabha member and former bureaucrat N K Singh that Patel has "destroyed the (aviation) sector. I am sorry I do have a view about it. I do not think he has done justice with the sector."
To this, Singh replies, "He has worked as a minister for Naresh Goyal (Jet Airways Chairman)." Radia then says, "Yes, yes and now Vijay Mallya (Kingfisher Airlines) at the cost of the national carrier."
Patel said, "As we have brought in fundamental changes in the aviation sector and have made the system grow, we have got both bouquets and brickbats. Nobody would have criticised us if we had not done anything."
He dubbed Radia as an "economic terrorist" accusing her of having "vested interests" and a "personal agenda." "You want me to comment on lobbies and their agents and what they have said. They have vested interests and a personal agenda," Patel said.
A spokesperson of Vaishnavi Corporate Communications that is headed by Radia has described Patel's remarks as "irresponsible and baseless". "It greatly pains and offends us when persons of higher authority make such irresponsible and baseless comments. However, we have no intention to enter into any meaningless war of words on the issue," the spokesperson said.
2G: CBI raids Radia, former TRAI chairman, Raja's relatives
In a crackdown here and in several places in Tamil Nadu in connection with the 2G spectrum scam, the CBI today searched the office and residential premises of corporate lobbyist Niira Radia, former TRAI Chairman Pradip Baijal and a Chennai NGO with which DMK MP Kanimozhi is linked.
Radia's office -- Vaishnavi Corporate Communications in Central Delhi -- and her farm house in South Delhi were among the first of the premises to be searched by the CBI, sources said, adding some of the people who had handled accounts and funds of former Telecom Minister A Raja were also been searched by the agency.
Radia, Baijal and alleged hawala dealers - brothers Mahesh Jain and Alok Jain alias Bobby -- were questioned during the raids, sources said. A CBI spokesperson said in the evening 34 premises in the country were raided during the day and several incriminating documents were recovered.
The raids come a week after the searches in the residences of Raja in Delhi and in his native place Perambalur and a number of others. The residence of Baijal, who retired in 2006 after serving as TRAI chairman for nearly three years, was being also searched in connection with the scam in which the CBI has registered a case alleging a loss of Rs 22,000 crore.
An IAS officer of Madhya Pradesh cadre, Baijal, is currently working with Radia's firm Noesis. The allegation against him was that as the chairman of the regulatory body, which makes recommendations to government, he had helped some telecom firms.
Apart from Radia, the searches were carried out in the premises of Baijal in nearby Noida, Kamaraj, Associate Editor of Tamil magazine in Chennai 'Nakkeran', Raja's brother and sister near Tiruchirappalli and Tamil Maiyam and an NGO in which Kanimozhi is on the board of directors.
Tamil Maiyam, which describes itself as a registered Indian non-profit organisation, is headed by Reverend Jegath Gasper Raj. Sources said the searches were carried out to find out the probable links between alleged hawala operators and former Telecom Minister A Raja, whose premises were being searched today in Perambalur.
Kamraj and the Jain brothers have been under the scanner of the CBI for some time in connection with the investigations into the scam. An export office in Chawri Bazar in Delhi was also searched by the CBI, the sources said, adding the firm is alleged to have been used for transfer of funds.
About 150 sleuths of the investigating agency swooped down at 34 places in Tamil Nadu and seven in Delhi in the wee hours and began searches which included some auditors and accountants of Raja.
A former IAS officer of 1966 batch, Baijal was the first Disinvestment Secretary after the ministry was formed. The CBI had on December 8 carried out searches at the residence of Raja and his four close associates including his personal secretary R K Chandolia in connection with the scam.
47-year-old Raja was forced to resign as minister on November 14 in the wake of the CAG's report that the rates at which 2G spectrum was allotted resulted in a possible loss to the exchequer to the tune of Rs 1.76 lakh crore.
Raids were also conducted at the residences of former Telecom Secretary Siddarth Behura, Chandolia, Member Telecom Commission K Sridhar and Deputy Director General in the Department of Telecom A K Srivastava. Raja has maintained that he was ready for interrogation by the CBI any time.
The CBI had registered a case on October 21, 2009 against unknown Department of Telecom officials and private persons and companies for allegedly causing a loss of Rs 22,000 crore to the exchequer.
The figure of the losses mentioned in the agency's FIR were based on the findings of the Central Vigilance Commission which had referred the case to the CBI.
The CBI has earlier searched offices of Wireless Planning Cell (WPC), the department responsible for allocating Spectrum, and the office of Deputy Director General (Access Services) of the Telecom Ministry to probe the allegations of connivance of officials with private companies in allocation of Spectrum.
It had also conducted searches in eight cities housing headquarters of various telecom firms in connection with its probe into the scam.
Source: Agencies
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Raja's name was not mentioned, ex-CJI insists
New Delhi: Facing criticism on the controversy surrounding former minister A Raja allegedly attempting to influence a Madras High Court judge, former CJI K G Balakrishnan on Wednesday insisted that the minister's name was not mentioned by Justice H L Gokhale in his report.
Chinese Premier Wen says his India visit will promote friendship
Chinese Premier Wen Jiabao, who arrived in New Delhi today, said he will seek to boost mutual trust and understanding and cement trade and econmomic ties between the two Asian giants during his three days' stay in India. See special | Delhi itinerary | In pics
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He said some people described China and India as economic competitors and likened them to a dragon and an elephant."I don't agree with such a view and I don't think business people agree either," Wen said.
He said both the countries stand to gain from economic cooperation. With a combined population of 2.5 billion, which accounts for two-fifths of the world's population, "We are both in process of rapid industrialisation and urbanisation accompanied by fast and sustainable economic growth."
Making out a case for liberalising bilateral trade (about USD 49 billion till January-October 2010), Wen said, liberalisation of the markets hold huge potential for the domestic markets of the two countries.
"By opening markets to each other, we will be most dynamic economies and can support each other in economic development," he said.
Though China has mooted the idea of free trade agreement, India has not favourably responded considering a huge trade imbalance to Indian industry.
The Chinese Premier is accompanied by a large delegation of business leaders from different sectors, mainly in the infrastructure areas.
Monetary conditions in the Indian banking system have been so tight that the central bank will have to refrain from raising rates this week despite inflation being above comfort levels and at risk of trending higher.
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Blaming the "sheer obstinacy and obduracy" of the Congress for the washout of the Winter session of Parliament, BJP-led NDA today announced plans for nation-wide rallies on the issue of massive corruption on 2-G spectrum and other scams .
Senior BJP leader L K Advani, who was flanked by leaders of his party and other allies, however, told a press conference that the opposition was not clamouring for a mid-term poll, which was only used as "scare-mongering" by the ruling front.
He also accused Prime Minister Manmohan Singh of being worried about leakage of tapped telephonic conversations between corporate lobbyists Niira Radia and others, and not about corruption and other issues thrown up by publication of those reports.
Advani took further digs at the Congress, saying that for long the opposition had "wrongly believed" that it was the Congress President who formed the Cabinet but now it appears the corporate lobbyists decided who should get which ministry.
"We have decided that (since) we did not get justice in Parliament, we will take to the streets... go to the people. We will ask them whether they also wanted that Parliament should have continued to function (despite the 2-G scam)," Advani said.
With the Winter Session of Parliament coming to an end on Tuesday, NDA has decided to hold a rally in the capital on December 22. This will be followed by rallies against corruption in Mumbai (January 16), Ludhiana, Lucknow, Rohtak, Jaipur, Patna, Bhubaneshwar, Bhopal, Ahmedabad, Hyderabad and Chennai.
Justifying the NDA's protests in Parliament which prevented it from functioning for 22 consecutive working days, Advani said had this not been done, the 2-G scam would just have been "talked out" and no action would have been taken.
"The way no bill was passed, no work was done- this has exposed the corruption in UPA. No debate held in Parliament would have exposed it to this extent. It would have meant the issue of corruption would have been talked out, even if we had debated the issue," Advani said.
He hit back at Singh and Congress President Sonia Gandhi for holding the opposition responsible for the stalemate in Parliament.
"Today when the government is trying- both the PM and Congress President- to put the whole blame for Parliament not functioning and saying that so many crores of rupees were wasted, we want to ask them if we had not protested would the RS 1.76 lakh crore scam been exposed?" he asked.
He claimed that opposition pressure had led to the removal of Telecom Minister A Raja, Maharashtra Chief Minister Ashok Chavan and CWG Organising Committee Chairperson Suresh Kalmadi (from the post of Congress Parliamentary party secretary).
PM hosts dinner for Wen Jiabao, airs concerns over stapled visas
Prime Minister Manmohan Singh Thursday hosted a private dinner for visiting Chinese Premier Wen Jiabao and aired concerns over China issuing stapled visas for residents of Jammu and Kashmir, even while the two leaders agreed the two countries were partners and not rivals in a changing world order.
Manmohan Singh and Wen spent some time by themselves before joining the other guests for dinner at the prime minister's official residence. Wen began his three-day visit to India Wednesday afternoon with a trip to the Tagore International School and an address to captains of Indian industry.
Unlike the large dinner the prime minister hosted for US President Barack Obama last month, the private dinner for the Chinese leader was attended only by senior ministers, politicians and officials from both sides.
External Affairs Minister S.M. Krishna, Finance Minister Pranab Mukherjee, Lok Sabha Speaker Meira Kumar, Communist Party of India-Marxist leader Sitaram Yechury, Bharatiya Janata Party leader Arun Jaitley and Biju Janata Dal MP Jai Panda were among those present at the dinner.
National Security Adviser Shivshankar Menon, Foreign Secretary Nirupama Rao and India's Ambassador to China S.Jaishankar were among senior officials present.
From the Chinese side, only senior ministers, including Foreign Minister Yang Jiechi, and China's Ambassador to India Zhang Yan were among those present.
The two leaders, who have met many times on the sidelines of multilateral summits, assured each other that the relationship between the two emerging powers was that of complementarity and not one of rivalry, informed sources said.
Taking up the issue of China issuing stapled visas for residents of Jammu and Kashmir, Manmohan Singh also reminded the Chinese premier of the compelling need for both sides to be sensitive to each other's core concerns. He let it be known that Kashmir was a core concern for India in the same manner as Taiwan and Tibet were for China.
Manmohan Singh is also understood to have sought China's support for India's candidature for an expanded UN Security Council.
Wen will be accorded a ceremonial reception at Rashtrapati Bhavan Thursday morning before he sits down for delegation-level talks with Manmohan Singh. Trade-related issues, including ways to address $19.2 billion deficit, will figure prominently in the discussions.
India will pitch for greater access for Indian goods in the Chinese market as well as greater Chinese investment in India, specially in the infrastructure sector.
The two leaders are expected to discuss all issues of concern, including stapled visas, Chinese investment in Pakistan-controlled Kashmir, the boundary issue and the cross-border rivers.
They will also discuss a host of global issues, including UN reforms, the global financial crisis, climate change and global terrorism.
15 DEC, 2010, 07.02AM IST, SHALINI SINGH,TNN
PIL filed in SC to recover revenue lost to 2G scam
NEW DELHI: The Centre for Public Interest Litigation led by Prashant Bhushan, along with a string of powerful petitioners filed another PIL in the Supreme Court on Tuesday — asking the court to direct the government to cancel all 2G licences and recover the Rs 1.76 lakh crore of exchequer revenue that was lost on account of pricing 2G spectrum in 2008 at 2001 prices.Some of the top brass of India's civil society, including G M Lygdoh , T S Krishnamurthy, N Gopalaswami, all former Election Commissioners, P Shankar, former CVC , Julio F Ribeiro, Retired IPS and former DGP, Punjab and DG CRPF, Admiral (Retd) R H Tahiliani, Mentor, Transparency International India, former Governor and Chief of Naval staff, and senior journalist Paranjoy Guha Thakurta have joined in the petition. It also has Lok Satta, Telecom Watchdog and Common Cause amongst its petitioners.
"The government is only targeting ineligible licences and those that have failed to meet rollout obligation. Our petition seeks cancellation of all 2G licences as the process itself was illegal which makes the licence allotment illegal" , Prashant Bhushan told ToI.
Apart from recovery of revenue , the PIL wants the government to recover windfall profits that were obtained through sale of spectrum by illegitimate and corrupt methods - as companies sold equity to foreign firms. It also seeks that all future spectrum should be allocated through an open and transparent process
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Hindustan Times - 1 hour ago
PTI Congress on Wednesday steered clear of CBI's complaint to the government that the continuance of Commonwealth Games Organising Committee chairman Suresh Kalmadi was proving to be a stumbling block in its probe into allegations of corruption in CWG.
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NEW DELHI: The Environment Ministry today asked the scam-tainted Adarsh Housing Society to submit its reply to the show cause notice issued to it by December 24 and also granted it an opportunity to present the case in person before the ministry on ...
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Continuance of Kalmadi, Bhanot impediment in CWG probe: CBIThe CBI has conveyed to the Government that continuance of Commonwealth Games organising committee chairman Suresh Kalmadi and secretary Lalit Bhanot in their posts was proving to be a stumbling block for its ongoing probe into allegations of corruption in the conduct of the mega sporting event.
The investigating agency has told Cabinet Secretary K M Chandrasekhar that Kalmadi and Bhanot should be moved out at the earliest for smooth progress of the investigations, official sources said.
The CBI move came after its Director A P Singh was informed by investigating officers that OC officials were not forthcoming in sharing information with them because their bosses Kalmadi and Bhanot were still at the helm of affairs.
The CBI has filed three FIRs in connection with alleged irregularities in CWG and has searched the residences of Bhanot and OC Director General VK Verma on November 30.
Bhanot and Verma have been named in a case relating to purchase and contracting of timing equipment used for the Games.
Earlier, the CBI had filed two FIRs for the contracting of AM Films and cars/vans for the Baton Relay ceremonies by the OC in London. It has arrested Joint Director General T S Darbari and Deputy Director General Sanjay Mohindroo for their alleged complicity in these deals.
Yeddyurappa says he has evidence of Congress, JD-S scams
By Indo Asian News Service | IANS India Private Limited – Tue, Dec 14 1:44 PM IST
Bangalore, Dec 15 (IANS) Karnataka Chief Minister B.S. Yeddyurappa, accused of favouring his kin with allotment of prime land, Wednesday said he has collected documents on various scandals during the Congress and Janata Dal-Secular (JD-S) governments.He, however, is undecided about the appropriate time to make them public - now or after the Dec 26 and Dec 31 polls to 176 taluka (sub-district) and 30 zila panchayat (district councils).
'I have the documents and am considering whether to release them ahead of the panchayat polls or after,' Yeddyurappa, who has been allowed to remain in the post by his Bharatiya Janata Party (BJP) leadership in spite of allegations against him, told reporters here.
Yeddyurappa, who was deputy chief minister in the 2006-07 JDS-BJP coalition government, asserted that the Congress and JD-S were 'the champions' not only in land deals but in illegal mining as well.
The chief minister said the two parties have not proved the charges against him but still were projecting him as a corrupt.
Yeddyurappa ordered officials to search and gather documents against the Congress and the JD-S after the two parties, mainly the latter, released several documents alleging the chief minister has favoured his kin with prime land in and around Bangalore.
They also accused him of 'denotifying' (freeing from government control) lands which were bought at throwaway prices by people who invested in the business ventures of his sons.
Yeddyurappa has set up a panel headed by B. Padmaraja, a retired judge of the Karnataka high court, to probe 'denotification' of lands by Karnataka Industrial Area Development Board (KIADB) and site allotment by the Bangalore Development Authority (BDA) since 1995.
The chief minister said he was confident that the charges against him would not affect BJP's prospects in the taluq and district polls.
In the 2005 polls to these councils, Congress had captured majority of them with the JD-S coming second.
Yeddyurappa has promised his party central leadership that this time he would ensure BJP bags the majority of these councils.
BJP chief Nitin Gadkari, who was here on Dec 7, had said the results of the taluka and Zilla panchayats would be a fitting reply to Congress and JD-S charges against his party's first government in south India.
2G: CBI raids homes of Niira Radia, former TRAI chairman
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Express news service
Posted: Dec 15, 2010 at 0828 hrs ISTNew Delhi The CBI on Wednesday carried out searches at the residences of corporate lobbyist Niira Radia and former Chairman of the Telecom Regulatory Authority of India Pradip Baijal in connection with the 2G spectrum scam.
The probe agency, in total, carried out raids at 27 places in Tamil Nadu and seven places in Delhi in connection with its investigations.
Last week , the CBI had carried out searches at the residences of former Telecom Minister A Raja in Delhi, Chennai and his village Velur besides conducting raids at the premises of a possible business associate and four other Telecom officials, including his personal secretary R K Chandolia, in connection with the 2G scam.
Raids were also carried out at the houses of former Telecom Secretary Siddarth Behura, Chandolia, Member Telecom Commission K Sridhar and Deputy Director General in the Department of Telecom A K Srivastava.
Raja had maintained he was ready for questioning by the CBI any time.
The Supreme Court had come down heavily on the CBI on November 22 for failing to question Raja and the Telecom Secretary in connection with the scam, saying it was "beating around the bush".
A Bench of Justices G S Singhvi and A K Ganguly wondered why the premier investigating agency failed to question the duo despite the CVC and CAG reports sharply indicting them for their involvement.
"Any responsible person will question the involvement of the Minister and the Secretary and you (CBI) say that 8,000 documents have been examined. You are beating around the bush. It was (questioning) minimum expected of the CBI. What do you take this court for," the Bench had observed during the argument.
The CBI had registered a case on October 21, 2009 against unknown Department of Telecom officials and private persons and companies for allegedly causing loss of thousands of crores of rupees to the exchequer.
The CBI has earlier searched offices of Wireless Planning Cell (WPC), the department responsible for allocating Spectrum, and the office of Deputy Director General (Access Services) of the Telecom Ministry to probe the allegations of connivance of officials with private companies in allocation of Spectrum.
It had also conducted searches in eight cities housing headquarters of various Telecom firms in connection with its probe into the alleged scam.
Oppn protest in Parliament not aimed at overthrowing Govt: BJP
New Delhi Terming as "unprecedented" the washout of Parliament's Winter Session, BJP on Tuesday blamed the Congress for the stalemate over JPC demand to probe the 2G spectrum scam but said the Opposition protest was not aimed at overthrowing the government.
BJP leader L K Advani said the Opposition did not demand mid-term polls and such suggestions were in fact given by a minister in the government. He, however, refused to name the minister.
"Some parties may be welcoming mid-term polls but why an MP, who has been elected for five years, would like curtailment of his term," Advani said making it clear that the Opposition's campaign against corruption in the Parliament did not aim at throwing out the government.
Talking to reporters, the senior BJP leader said, "This is first time that the entire session was washed out on one issue... It was triggered off by Congress. It has been isolated on the issue both inside and outside Parliament not only by the Opposition but even by its own allies".
Advani made the remarks after a meeting of the NDA partners to finalise their strategy for the alliance campaign against the government on the issue of corruption.
Vowing to take the "fight against corruption" from Parliament to the street, the NDA's Working Chairman said the alliance will organise country-wide rallies against corruption.
A rally in Delhi will be held on December 22 and in Mumbai on January 16.
Slamming the government for putting the blame on the Opposition for the wash out of the session, Advani said neither Prime Minister Manmohan Singh nor Congress President Sonia Gandhi could offer any "convincing and credible reason" on why they did not accept the JPC demand.
Terming the 2G spectrum issue as "a multi-dimensional scam", Advani alleged that while the country wanted to know who were its beneficiaries, the government did not want that this information should not reach people.
He said that he would still appeal to the government to accept JPC.
The BJP leader said the government would not have taken action against former Telecom Minister A R Raja, former Maharashtra Chief Minister Ashok Chavan and Suresh Kalamdi in connection with the cases of 2G Spectrum, Adarsh Housing and CWG Games irregularities had the Opposition not adopted a "tough posture".
15 DEC, 2010, 05.10PM IST,REUTERS
India environment min:Lavasa order likely by Dec 31
NEW DELHI: India's environment ministry said it expects a final order on whether to clear developer Lavasa Corp's township project near Pune by Dec. 31.Lavasa is 65-percent owned by Hindustan Construction Co.
Last month, the ministry had sought clarification from Lavasa on whether the unit has violated environmental regulations.
From credit-deposit ratios in the system to the huge amounts of cash banks are having to borrow each day from the Reserve Bank of India, most indicators point to a huge cash deficit in the banking system.
The RBI has been using ad hoc open market operations, barely enough to curb market, and market players reckon it will be a while before the tax payments and other surpluses lying in government coffers are back in circulation.
The RBI governor said last Thursday that the government's cash balances with it stood at around 910 billion rupees $20.2 billion) from 777.36 billion rupees as on Oct. 31.
A deputy governor at the central bank had said at last month's policy review that the RBI was comfortable with either a deficit or surplus of around plus/minus 1 percent of deposits -- roughly 500 billion rupees. But daily borrowings by banks have been about 1 trillion rupees on an average since November.
For a Reuters poll on RBI's Dec. 16 rate review [ID:nSGE6BE00J]
CURRENCY IN CIRCULATION UP; FOREIGN INFLOWS SLOW
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* See graphic: link.reuters.com/wyb32 r
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An increase in currency in circulation during the festival season from October and low government spending are the key reasons for tight liquidity, while high inflation has led to the public holding more cash for spending as expenses mount.
India's headline inflation in November stood at 7.48 percent, above the central bank's 5.5 percent projection by next March when the current fiscal year ends, after staying in double-digits for six straight months through July.
A slowdown in the pace of foreign fund inflows has also reduced the dollar funds with banks adding to the cash tightness. CREDIT GALLOPS, DEPOSITS DWINDLE
15 DEC, 2010, 05.35AM IST, SANDEEP PAREKH,
Jalan panel disrespects Parliament
Surprisingly, no one has commented yet on how insulting it would be for the Indian Parliament if the recommendations of the Jalan committee report are accepted by Sebi and enacted as Sebi regulations, in effect overruling statutory law.The recommendations contradict several provisions and the entire philosophy of a previous committee headed by a former Chief Justice of India M H Kania (the Kania report) which counted stalwarts such as a former chief justice of a high court, Y H Malegam and importantly, no Sebi official.
The Kania report was accepted by Sebi and by Parliament, which extensively amended not only the securities laws to enable corporatisation and demutualisation, but also gave a special tax exempt dispensation to various entities. Sebi has publicly supported the Jalan report prematurely, even though it is still under a period when Sebi is seeking public comments on the recommendations.
Profits are evil: The Kania report accepted by Parliament mandated 22 not-forprofit exchanges to become for-profit by amendment to the Securities Contract (Regulation) Act (SCR Act). Now in a flip-flop , the Jalan report recommends stock exchanges to generate only 'reasonable' profits.
Reasonable has been defined as something over government securities' return. The recommendation raises the false bogey of profitmaking entities being somehow inferior. The NSE as a profitmaking entity has consistently evaded scams but the BSE prior to corporatisation (as a charitable organisation) was involved in several scams.
Restriction on profitability will mean that no further investment will result in the sector and investors who invested Rs 10,000 crore based on the statutory amendment will not only lose a bulk of their investments but will have a share with the returns of debt (capped) and the risk of equity (possibility of losing all).
Listing: The Kania report recommends that a demutualised stock exchange may list its shares on itself or on any other stock exchange, though listing should not be made mandatory. The Jalan report recommends that listing should be prohibited because, "An MII (market infrastructure institution) should not become a vehicle for attracting speculative investments. Further, MIIs being public institutions, any downward movement in its share prices may lead to a loss of credibility and this may be detrimental to the market as a whole."
This is an amazing conclusion. On the one hand, listing is so important for the economy that its market is called a public utility; at the same time, it is so horrible that exchanges can lose their credibility by being listed. The Jalan report thus results in the official implementation of hypocrisy that listing is good for all companies but is bad for exchanges. It is loss of credibility which causes fall in share price and not the other way round — the mirror doesn't cause us to be ugly.
Further, the recommendation would result in poor governance, lack of accountability to shareholders and lack of transparency. Ceiling on ownership: The Jalan report suggests a ceiling of 5% on the equity shareholding (including warrants and other 'value' instruments) and allows only public financial institutions and banking companies with a net worth of at least Rs 1,000 crore to invest up to 24%. Interestingly, the report contradicts its own annexure (by misquoting it) by saying an ownership cap is the international standard.
In fact, the report's own annexure shows that India is the only country in the world with an ownership cap. In fact, none of the countries listed in the annexure even has a voting cap. Other countries in the world only have disclosure standards or permission for crossing a limit to ensure fitness of such shareholders.
THE Jalan report seeks to give special status to banks and public financial institutions as anchor investors with around five times the shareholding permitted to others despite the fact that both JPC reports on stock market scams have implicated banks and public institutions for actively participating in the biggest financial scams in independent India.
One chapter of the 2003 JPC report is devoted to the role of banks and seven chapters of the report is devoted to UTI. In any case, banks and FIs are passive investors and invest for returns rather than for charity — given the cap on profit, it would take a very charitable institution to invest in an exchange.
The cap on ownership for others means there is no interest in setting up a new exchange as the promoter cannot own over 5% equity in an exchange. I have written an open letter to the Jalan Committee in this paper (ET, 12 May 2010) explaining why this cap is perverse.
Competition: While the Kania report recognised the need for stock exchanges to cope with competition and hence recommended demutualisation, the Jalan report actively recommends that Sebi should discourage competition, and that it should choose how many players should be allowed in the exchange space. "Sebi should have the discretion to limit the number of MIIs operating in the market, in the interest of the market and in public interest."
Besides reminding one of an A Raja kind of allotment of 2G spectrum, this is an anti-competitive recommendation contrary to the Competition Act, 2002.
Executive compensation: The Jalan report introduces a recommendation on the remuneration of top management of stock exchanges to be a fixed sum without any variable component linked to the commercial performance of the stock exchange. This recommendation lays the foundation for destroying performance in exchanges which cannot incentivise their management (specially in a growing or struggling exchange).
What the market needs is more competition and better regulation rather than less competition and outsourced regulation. The Jalan committee takes us back not just in time but to the Soviet philosophy of 1970s. I hope that the readers of this column, unlike the committee, do not welcome the world of 1980s phone lines which also carried the public utility tag and an eight-year wait in public interest, or the choice of Ambassador and Fiat cars with a 10-year queue — in the national interest. Viva public 'service' death to profits.
(The author is of Finsec LawAdvisors. The firm has advised exchanges and its investors on the impact of the report.)
http://economictimes.indiatimes.com/opinion/comments--analysis/Jalan-panel-disrespects-Parliament/articleshow/7102897.cms
Chinese companies ink pacts worth $16 bn with Indian firms
After multi-billion dollar deals with US and French companies, Indian businesses are inking $ 16 billion worth deals with China's industry, whose representatives are accompanying Premier Wen Jiabao on his three-day India visit. "The (investment and trade promotion) mission is scheduled to sign
economic and trade agreement worth more than $ 16 billion with Indian companies," Wen said in the presence of Commerce and Industry Minister Anand Sharma in New Delhi.Addressing a gathering of Indian and Chinese Industry captains, the visiting premier said China is ready to work with India to increase the scale, and expand the scope of bilateral business cooperation.
With two-way trade between India and China poised to cross $ 60 billion this year, Wen said that during his meeting with Prime Minister Manmohan Singh he would discuss ways to enhance it further.
"I will discuss with Prime Minister Singh, the ways to substantially increase our trade volume and set a new target in this regard," he said.
There is enough scope for expansion of the bilateral trade as it accounted for a mere 0.2 per cent of the world's total trade, he said, adding the two countries have completed a joint feasibility study for a regional trade agreement.
"Believing that this arrangement will benefit both sides, we look forward for the early launch of the negotiation process," Wen said.
On India's concerns on trade imbalance, he said China takes its "seriously".
"China takes seriously the trade imbalance between our countries and stands ready to take further measures to facilitate the access of Indian IT products, pharmaceuticals and agro products to the Chinese market," Wen said.
India had a trade imbalance of $ 19 billion with China in 2009-10.
Agreements, which will be signed during Wen's visit include those between China Development Bank and Reliance Power, China Aluminium International Trading Co and Vedanta Aluminium Ltd, Bank of China and IDBI, Dongfang Electric Corporation Ltd and Abhijeet Projects Ltd.
Indian industry signed $ 10 billion worth business deals with US companies during President Barack Obama's visit in November and followed it up with $ 13 billion dollar worth transactions with French business groups dueing President Nicholas Sasrkozy's visit earlier this month.
Diesel price hike to be decided on Dec 22
A ministerial panel under Finance Minister, Pranab Mukherjee will meet in Delhi on December 22 to take a call on allowing state run fuel retailers to hike the prices of diesel, with crude oil now costing around $90 per barrel in global markets. "As far as petrol prices are concerned, the government
has already deregulated this segment of transport fuels. We have asked for a similar hike in the prices of diesel to help Oil Marketing Companies (OMCs) cut their under recoveries," a senior official in the ministry said. 'Under recovery' is an oil industry jargon for fuel retailers having to sell their products below their cost of production."The empowered Group of Ministers (GoM) is slated to convene a meeting on Dec 22 on diesel prices. We have said that the OMCs are losing around Rs 5.4 per litre on under recoveries in diesel. A decision will be taken accordingly," the oil ministry official added. The meeting comes against the backdrop of a decision taken by the three state run oil firms -- Indian Oil Corporation (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) -- to hike prices of petrol by up to Rs 3 per litre.
The last fuel hike was in June 25 this year, when the government ended state controls on pricing of petrol. It had also increased prices of diesel, cooking gas and kerosene at that time, while promising to eventually give up control on pricing of diesel as well. The previous major hike saw petrol prices increase by Rs 3.5 per litre, diesel by Rs 2 per litre, kerosene by Rs 3 per litre and cooking gas by Rs 35 per cylinder.
The freedom given to the OMCs to price petrol met with vehement protests from opposition parties and is expected to repeated this time. Left parties have already warned they will protest intensely if the UPA government allows a hike in petroleum prices, with Communist Party of India-Marxist (CPI-M) politburo member, Biman Bose asking citizens to be vocal in their protest against any "anti-people" decision.
Crude oil prices, which were in the range of $79 a barrel during June this year, have since soared to touch a two year high of about $90 a barrel on Tuesday, before settling around $88.5 per barrel. In the process, OMCs' losses on account of under recoveries, are expected to balloon further this year, unless the government allows them to raise prices. Some earlier estimates had put the combined losses of these companies on under recoveries at around Rs 53,600 crore (nearly $12 billion) for the year, based on a crude price of $79 a barrel.
If prices are not revised, the three state run oil retailers are likely to end the fiscal with a loss of close to Rs 67,000 crore (nearly $15 billion) on account of loss on sale of diesel, cooking gas and kerosene.
From: Integrated Enterprises (India) Ltd [mailto:customer@iepindia.com]
Sent: Monday, December 06, 2010 8:16 PM
To: barve siddarth
Subject: Popular FDs
This Sex starved BABA wanted to buy an island in Los Angeles as another chor BABA RAMDEV has already bought an islandScotland. As per official figures of SC 8 Crore children in this country die before 6 years of age due to food starvation. As per Sengupta committee report out of 115 Crore people in this country 83 Crore people are earning less than Rs. 20/- per day this bastards want to buy islands worth lakh of Crores in Los Angles, Scotland. And still fools on this country want to follow these FRAUDS. DO NOT KEEP THIS MESSAGE FOR LONG ON YOUR PC,SEND IT TO AS MANY AS POSSIBLE OR ELSE ONE DAY THESE BABAS WILL KILL YOU AND YOUR GENERATIONS TO COME.
Bahujans caught in the storm of money-driven society that is killing India
The topic is a very serious one, never discussed in public and never understood by its victims. Because the moment you discuss it, you become unpopular.For your information the anti-Mandal war and violence during the V.P. Singh Govt. was planned and executed by the Brahminical students in JNU. Some Dalit students were staying with us fearing threat to their lives. The Brahminical students found out our address in Vasant Vihar, Delhi, broke open our flat, ransacked the whole thing and threw leaflets condemning Mandal Report. When we returned late in the night, our neighbours were all laughing and enjoying the "punishment" given to us.
Dalits suffered for OBCs: Delhi then witnessed unprecedented violence. All Dalit students of JNU had to run away to their villages to save their lives.
The Mandal Commission Report was meant for the OBCs but the people who led the agitation and suffered were the Dalits. There is no change in the behaviour of the upper castes — whether elders or its youth — since then. Among the upper caste women, there may be some exceptions.
But by and large the upper caste Brahminical people, who constitute less than 15% of the country's population, have not changed. They don't want to change. Why should they change when they are the rulers?
Their behaviour has been the same ever since they came to our India as beggars — thousands of years ago.
Reddy or Khamma rule : Today they are the rulers. And particularly after the so-called "independence", they are the owners and rulers. And we are the victims of their rulership.
Our statement may shock you. But unfortunately it is the supreme truth. We have written about it, spoken about it hundreds of times. None has challenged it so far.
Take the case of AP. It is either the Reddy rule or the Khamma rule. It is the case in all the states of India.
As the Editor of Dalit Voice, the oldest and the largest circulated journal of the Bahujan Samaj, now 30-years-old, we are in touch with all the states and frequently tour the country. We are in touch with our people of the whole country.
Mayawati rule: This is our third visit to this university (Hyderabad Central University). There is no state in India which is ruled by the Bahujan Samaj.
You may ask: What about UP under Mayawati? Sorry, UP also is under the control of Brahminical people. Only the CM is a Dalit.
Brahmins may be 2 or 2.5% but the other three layers of the Brahminical society, comprising Kshatriya, Vaishya and shudra put together become 15%. And these sections control all the wealth, monopoly of English language, control all the Hindu gods and their wealth. Even our very thinking is under their control.
And more than that, they have the govt. in their hands, judiciary, education system, industry and commerce.
Fear of Bahujans: And on the top of that the powerful media — that can convert the day into night and vice-versa.
This (15%) ruling class is fully aware of the dangers of the voting power of the Bahujans (85%) and the possibility of the over-whelming Bahujans capturing the political power and becoming the rulers.
Thinking sections among the Brahminists do not even get sound sleep in the night.
Fearing such a possibility, this Brahminical ruling class earlier experimented with their favourite philosophy of manuwadi marxism.
In AP, all the top marxist leaders were Khammas or Reddis. Even the Naxalite, Maoist leadership was in the hands of Brahmins, Reddis and Khammas.
In W. Bengal, the three upper castes — Brahmins, Baidyas and Kayasths — have been having an uninterrupted rule — all marxists. In the other "marxist state" of India, namely Kerala, it is again the same upper castes, Brahmins, Nairs who rule.
In the Naxalite or Maoist movement also, it is the same upper caste Brahmins and others who are holding the leadership.
Gaddar's worry: But those who carry the gun, fight the police and die are our people — the SC/ST/BCs.
Gaddar is the lone Dalit in the maoist movement but he was shot twice and silenced. If he opens his mouth against the upper caste control of the Maoist movement, he will be shot dead. He knows it. The poor man is deeply worried.
His only job is to sing and dance — and entertain the people, gather the crowd and brainwash them about the maoist movement.
Gaddar is an Ambedkarite and our close friend. But he is helpless. Poor man, we pity him.
The Brahminical control of the Maoist movement is total. But those who die in the police bullets are our people.This is a serious problem.
Corporates financing Mao: A powerful section of the upper castes, including big corporate houses are financing and supporting the Maoist movement. How the upper castes (rich) are supporting Maoists? Because they know the Bahujan movement, inspired by the thoughts of Babasaheb Ambedkar, Periyar E.V. Ramaswamy, Mahatma Phule etc., will turn the 85% Bahujans against the 15% upper caste exploiters.
That is why they are financing, advertising and doing everything to promote the Maoists. But at the same time confining them to rural areas.
On one side the Maoist movement has taken control of the entire eastern part of India — covered by dense forests. The Maoists are strictly ordered to confine themselves to rural areas.
Hindu terrorists: On another side the Hindu terrorist organisations like the RSS and the more powerful Abhinav Bharat, fully supported by the zionist Israel, are attacking Muslims, Christians and Sikhs.
The Maoists operate in villages and Hindu terrorists operate in cities.
But the govt. is not taking any action against either the Maoists or the RSS-Abhinav Bharat leadership — because both are controlled by the 15% ruling Brahminists.
Caught in the cross fire of these two Brahminical counter-revolutionary movements, fully supported by India's Brahminical toilet papers and our super-rich corporate houses, the country's Bahujans (85%) have become helpless, totally impoverished, completely confused.
Rulers hate Truth: This is the prevailing situation today, though no media will speak out the truth. Because speaking out the truth is not in the interest of the micro-minority upper caste ruling class.
What we have said so far sums up the boiling cauldron to which the ruling class of India has pushed the 85% slaves of India.
Jews support Brahmins: For your information the ruling Brahminical people are receiving all their inspiration, support and the tools to tackle the situation from the Jews who control America and the West.
The entire American system, the sole super power of the world, is controlled by its 2% Jews. Barack Obama is a just a slave in the hands of the Jews.
And here, we are controlled by its 2% "Jews of India".
Both are blood brothers and well-known for their destructive capacity.
In spite all these advantages the ruling class in India is in a terrible dilemma. All its trump cards have failed.
Hinduism & Gandhism are same: Their "Hindu Dharma" is buried deep under mountains of corruption. To this day they could not build their "Ram temple". (cheers) Their Karnataka Govt. controlled by the BJP (Brahmana Jati Party) is buying MLAs paying Rs. 50 to 70 crores.
The "Hindu dharma" has become the other word for corruption. Their own party of BJP was defeated in Delhi.
Marxism has failed to attract the poverty-stricken SC/ST/BC and Muslims.
Their gandhism has proved to be nothing but the other side of the Hindu dharma. Both are bogus.
So all the three varieties of experiments which the Brahminists have tried: (1) Hindu Dharma, (2) marxism and (3) gandhism — have failed to attract the Bahujan majority.
That is how the micro minority 15% upper caste rulers are facing such a serious dilemma. Because anything and everything they touch is becoming mud. The rulers are getting extremely worried.
Jews offer magic formula: And at this critical juncture, their blood brother Jews ruling the Western world have come out with a magic solution.
This magic mantra which the Jews tried in America and Europe has achieved considerable success. What is this magic mantra? It is called "money-driven society".
This is the subject of our talk today.
What we were told by our elders, our saints, savants, seers like Dr. Ambedkar, Mahatma Phule, Guru Ravidas, Periyar E.V. Ramaswamy, Sri Narayana Guru etc. was to adopt a value-driven society — based on the principles of justice, truth, compassion, kindness to animals, birds, nature, respect for women and all other weaker sections.
Worship of the rich: We were told to respect the aged, elders, sick and the deprived sections.
Today, the entire process has been reversed — thrown out. It is replaced by the money-driven society.
Every month the newspapers will publish on its front page a list of the country's "richest people".
The Ambanis head the list.
Mukesh Ambani's palatial house, the tallest in Bombay, is pictured on the front pages.
He is praised, paraded and every management course (MBA) student is told to emulate him. Bill Gates, the world's richest man, a Jew, is called our model.
We are also told by our father, mother, teacher, neighbour, relative to make money. Because money brings fame, name, respect, authority. Yes. This is true also.
Ambanis have become our model. Narayana Murthy of Bangalore is another model. Every rich man becomes the leader of the society.
Political leaders are ridiculed. The upper castes are made to hate politicians because being a minority they never get elected.
Humanities dept. closed: So much so all university departments teaching "humanities" subjects are attracting no students. Teachers and even professors have lost respect. If an IAS or IPS officer is honest and doesn't take bribe, even his wife and in-laws will say he is a useless fellow.
If you have a big car, that too foreign-made, you will be called an important man.
You command respect if you live in a posh bungalow.
If you go to the Tirupati temple and offer Rs. 100 crores, that will come on the front page.
Nobody will ask you from where you got the money.
India's rank in corruption: When money brings you respect— not your educational qualifications, academic achievements or intellectual capacity — you feel frustrated and naturally you will be forced to turn to make money.
Making money is the easiest thing. Because in India our whole socio-economic system itself is corrupt. India ranks very high in corruption.
Our judiciary is top to bottom corrupt. So too the politicians, businessmen, education system. Even our Defence forces.
Media is the worst corrupt. Times of India is the leader in this field.
Our Hindu religious leaders are swimming in corruption.
As a newspaperman for the past about 55 years, I have not found a single field which is not corrupt.
Money corruption leads to intellectual corruption.
I have written a book, India's Intellectual Desert, (DSA-1999, Rs. 50) in which I have explained this in detail.
Our university libraries are closing down because nobody goes there. Reading habit itself is dead under this money-driven society which has encouraged luxury, eating, drinking, pleasure-seeking and all unethical behaviour. In Bangalore, there is a big demand for night life.
Death of social science: Cinema is promoting such a money-driven culture.
Our education system with its emphasis on "business management" is killing all our values.
There is no demand for subjects like literature, sociology, history, humanities. If such important subjects like humanities are neglected how can we produce policy-makers? In US, UK and Europe humanity subjects are very popular. But the Brahminical India has killed the humanities. Killing humanities means killing the human being itself. (cheers)
The rush is only to such depts. like medicine, management, IT, engineering, corporate law, fashion designing etc.
Only such courses that help you make money.
Harshad Mehta glorified: And making money is the easiest: if you don't speak the truth and work against justice and universal truth, you can make any amount of money.
And the moment you make money, you command respect and your picture hits the front page of theTimes of India.
You can take it from me that nothing will happen to Modi, the Marwari Bania involved in the IPL cricket scandal.
When the notorious Gujarati Bania, Harshad Mehta, caused a crash of 2-3 banks, the Economic Timesappointed him as special adviser and published his articles on the front page. (cheers)
Pigs club: All these rogues and rascals, who have made money through illegal means are parading as Rotary Club, Lions Club, Pigs and Donkeys club presidents.
Money-driven society has brought a big boom to Hindu temples. Such a money-driven society is helping the Brahminical temples.
Hinduism promotes corruption: All these neo-rich rascals are running to temples for whom the temple authorities are holding special pujas, giving special blessings of the god and the devotees are paying money to the pujaris in lakhs and crores.
See how the Hindu religion is promoting corruption.
Brahmin temples are growing richer. Corruption is helping the bhoodevatas to grow rich.
Tirupati temple does not know what to do with its enormous funds.
But the country is not growing, the oppressed Bahujans are further squeezed in this mad rush of the money-driven society.
Agriculture devastated: Agriculture is devastated. Nobody is growing food crops. Attention is diverted to cash crops.
Food crisis is becoming a very serious problem. Newspapers and journals sticking to value-driven society are collapsing. Dalit Voice is a victim of this new society.
Universities are re-fashioning themselves.
Kapil Sibal, the Brahmin Union Minister for HRD, is promoting the money-driven society by inviting Western universities to India. That means Indian universities are killed.
In the process, the already rich have grown enormously rich. The poor, meaning the SC/ST/BCs and Muslims have become more poor.
World's most corrupt country: Nature and ecology are devastated. Women are the worst affected by the onslaughts of this society.
India is already hailed as the world's most corrupt country.
United Nations has given the 160th place to India. While China ranks No.2
Every section of the society is corrupted in this storm of the money-driven society.
Kalmadi scandal: Already, India has reached the saturation point as you have recently witnessed in the Kalmadi-scandal in the Commonwealth Games.
Nothing will happen to Kalmadi because he is fully protected by the ruling Brahminists.
Except the Opposition political parties, no Brahminist "intellectual" has so far criticised Kalmadi.
Karnataka's BJP Govt. has crossed all limits of corruption. But no Brahminist intellectual has criticised it.
Stock exchange as temple: All Brahminists are supporters of this money-driven society. The stock exchange is their new temple.
So much so big cities have become bigger and unliveable.
Bombay has become one big slum. Calcutta died 20 years back. Madras became a slum long back. Bangalore is dying fast. Delhi is chaotic.
Only Hyderabad is somewhat untouched because 20% of its population is Muslim.
The country itself is facing very difficult times caught in this chaos created by the money-driven society.
Micro Finance menace: You must have heard of the micro-finance menace created in AP. These sharks led by the Vikram Akulas etc. after finishing the urban poor, are now after the blood of poor women, living in villages.
The govt. itself winked at it. But when their blood-sucking game reached intolerable limits, the govt. and the police had to step in. Many top people will be arrested.
Bangalore's Narayana Murthy has diverted his money to SKS Micro Finance.
Blood sucking: From this you can make out that blood-sucking is reaching critical stages. Big sharks are out to squeeze us.
Yet our people are not getting angry. This is because of the Brahminical religion which injected the poison of ahimsa into our veins.
Every Hindu god is fully armed: arrow, gadha, chakra, talwar, chakra, etc. (cheers)
Yet they call Hinduism as the world's only religion of non-violence. Bullshit. (cheers)
On one side our people are deliberately kept poor and hungry. And on the top of that they are given this Hindu injection to remain peaceful. Ahimsa.
If ever by chance they turn violent, the Brahminical rulers have one of the biggest standing armies, over a dozen para-military forces, police etc. to violently deal with us.
Non-violence for us but violence for rulers. (cheers)
But all this will not last long. Anarchy is setting in. Things are collapsing.
Karnataka has proved that undemocratic, if not anti-democratic, Hindu rule will destroy democracy itself in India.
International developments: In the midst of such a gloomy atmosphere, the only silver lining is the grave developments at the international level which will destroy the Brahminical money-driven society.
Both the Jews and the "Jews of India" are nearing the end of their rule.
So we have hope more in the developments outside India.
And some hope in the oppressed Bahujans losing patience and hitting back.
The subject I have dealt with is a very serious one and also very complicated which cannot be compressed within the time-limit given to me. Yet I have done by level best.
[Speech delivered at the Hyderabad Central University on Oct.26, 2010]
http://www.dalitvoice.org/Templates/dec2010/editorial.htmNEW DELHI, CHENNAI, December 15, 2010
2G probe: CBI raids 34 places in Delhi, Noida, TN; ED joins in
VINAY KUMARSHARE · PRINT · T+
An official (sitting, left) speaks to Subramanian (standing, right), an associate of Sadiq Batcha, who is said to be a close friend of former Telecom Minister A. Raja and audit assistant David (sitting, right) during CBI raids in connection with the 2G spectrum probe, in Perambalur on Wednesday. Photo: M. Moorthy
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2G scam: CBI raids Tamil Maiyam in ChennaiCBI raids residence of senior Tamil journalistTOPICS
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The CBI raided residences and offices across the country, including those of associates of former Telecom Minister A. Raja and DMK MP Kanimozhi in connection with the 2G Spectrum allocation scam.
As part of its ongoing probe into 2G spectrum scam, the Central Bureau of Investigation (CBI) on Wednesday carried out searches in Delhi, Noida and Tamil Nadu at the premises of several companies, their directors and the former Telecom Regulatory Authority of India (TRAI) Chairman.
``Searches conducted so far at around 34 places in Tamil Nadu, Delhi and Noida (UP) have led to the recovery of incriminating documents. Searches are still going on,'' CBI spokesperson Vinita Thakur said in a brief statement.
The agency conducted searches at the office of corporate lobbyist Niira Radia, former TRAI Chairman Pradip Baijal and a Chennai NGO. The office of Niira Radia – Vaishnavi Corporate Communications in Central Delhi -- and her farm house in South Delhi were among the premises searched by the CBI, sources said. They added that Mr. Baijal, Ms. Radia and two suspected hawala dealers Mahesh Jain and Alok Jain were also quizzed by the CBI sleuths during the searches.
Wednesday's searches were described as ``follow up'' searches conducted on December 8 in connection with the ongoing probe into 2G spectrum allocation.
The former TRAI Chairman Pradip Baijal who had retired in 2006 and later joined Niira Radia's company Noesis also faced the heat of the CBI searches as he is alleged to have helped some telecom firms during his tenure as TRAI chief. Mr. Baijal is a former IAS officer from Madhya Pradesh cadre.
The searches were also carried out in the premises of Kamaraj, Associate Editor of Tamil magazine in Chennai 'Nakkeran', brother of former Telecom Minister A. Raja and sister near Tiruchirappalli and Tamil Maiyam, an NGO in which Kanimozhi, MP and daughter of DMK chief and Tamil Nadu chief minister M. Karunanidhi, is on the Board of Directors.
Earlier this month, the CBI had conducted searches at the residence of Mr. Raja and five of his aides and associates, including his then personal secretary R. K.Chandolia, as it intensified its probe into the 2G spectrum scam. The agency has told the Supreme Court that it would wind up 2G spectrum scam investigations within the country by the end of March 2011 and submit a report to the court.
The agency had registered a case on October 21, 2009 against unknown officials of Department of Telecommunication and unknown private persons and companies and others under Section 120-B (criminal conspiracy) of IPC and Section 13 (1) (d) of the Prevention of Corruption Act. According to the CAG report, the rates at which 2G spectrum was allotted resulted in a possible loss to the exchequer to the tune of Rs 1.76 lakh crore though the agency has estimated the loss, based on the findings of the Central Vigilance Commission, to be close to Rs. 22,000 crore to the exchequer.
During the searches and the ongoing probe into the 2G spectrum scam, the CBI officials also received cooperation from the Enforcement Directorate (ED). Official sources said a team of ED officials also joined in the search operations on Wednesday.
Sources in the agency did not rule out the possibility of the probe extending to some foreign countries also and added that the CBI, after examining the documents and evidence gathered so far, would approach the appropriate court for issuing Letter Rogatory, seeking cooperation from the foreign countries.
Keywords: NGO, 2G spectrum scam, Rajya Sabha MP Kanimozhi, CBI raid
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CBI officials at the Tamil Maiyam office on Wednesday. Photo : R Ravindran
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http://www.thehindu.com/news/states/tamil-nadu/Top Stories
LTTE plans to attack PM, home minister, TN CM: IntelTimes of India - 2 hours agoNEW DELHI: The LTTE, which is almost on the verge of a wipe out, is trying to regroup and planning to launch spectacular strikes on high-profile targets like Prime Minister Manmohan Singh, home minister P Chidambaram and Tamil Nadu chief minister M ... Is the LTTE targeting the Indian Prime Minister?NDTV.com - 58 minutes agoNew Delhi: The Tamil Nadu police has warned of possible strikes by the Liberation Tigers of Tamil Eelam (LTTE) on the Prime Minister, the Home Minister, Tamil Nadu Chief Minister K Karunanidhi and Home Secretary GK Pillai. The Tamil Nadu police has ... * LTTE regrouping to attack Indian political leaders, Intel report revealsColombo Page - 51 minutes agoDec 15, New Delhi: Remnants of Sri Lanka's vanquished terrorist outfit Liberation Tigers of Tamil Eelam (LTTE) are trying to regroup in the Indian state of Tamil Nadu and launch attacks on Indian political leaders, Press Trust of India reported. ... LTTE threat to PM during Tamil Nadu visit JanuarySify - 16 minutes agoChennai, Dec 15 (IANS) Security will be tightened more during Prime Minister Manmohan Singh's visit to Tamil Nadu in January after a central security agency warned of a suspected LTTE attack on him, Chief Minister M.Karunanidhi and other leaders, ... LTTE threat to PM's lifeZee News - 3 hours agoChennai: In a disturbing report, it has emerged that the Liberation Tigers of Tamil Eelam (LTTE) are hatching a plan to target PM Manmohan Singh when he visits here in January 2011. Also on LTTE radar are Foreign Minister, Home Minister as well as the ... ltte targets pm and home minister ibSamayLive - 3 hours agoIn a breaking news on Wednesday evening Intelligence Bureau (IB) has issued alert that LTTE is planning to assassinate Indian Prime Minister Manmohan Singh. IB did not disclose its sources but it said that about half a dozen LTTE operatives have ... Terror threat to PM from LTTETimes Now.tv - 3 hours agoThe Director General of Police (DGP) of Tamil Nadu has sent an advisory to Union Home Ministry that there is a threat to the Prime Minister Manmohan Singh, Union Home Minister P Chidambaram and Tamil Nadu Chief Minister M Karunanidhi from Liberation ... All 9 related articles » | RelatedLiberation Tigers of Tamil EelamTamil Nadu Manmohan Singh Rajiv Gandhi M. Karunanidhi Sri Lanka Army ImagesNDTV.com Zee News SamayLive All |
Total failure of India's foreign policy
OUR CORRESPONDENTBangalore: During the Nehru days Brahminic rulers had their bogus pro-Soviet policy because the sham socialism helped the rulers to set up massive public sector units, recruit their jatwalas to all top posts and milk the socialist cow for 30 years. Wonderful. Subsequent PMs gradually started becoming closer to the West. But it was P.V. Narasimha Rao, the notorious Telugu Brahmin who tightly embraced his fellow Jewish state of Israel and collaborated in the demolition of Babri Masjid to declare India as aHindu Rashtra.
Brahminism has no permanent friend. It has only permanent interests. During the World War-II they hugged Hitler (DV Nov.16, 2010 p.28: "Brahminsts supported Hitler"). There was no stopping. America became the motherland of the Bhoodevatas. The "Khatri Sick PM", the World Bank export, is the principal villain who made India turn into the tail of USA.
Who will believe "Khatri Sick" PM: Today, the same fellow talks of India's "look East policy". Who will believe him?
The people get the govt. they deserve. We know it. Their current policy is to keep the 85% Bahujan natives as poor as possible, hence illiterate and unthinking. Then with the help of their monopoly media tell the world that India is shining, jumping, roaring. Once the noise comes out loud and clear the world outside will believe, when the lie is repeated again and again.
But all thinking people in and outside India know this is a beggar country. And that this bunch of belly-bulging pleasure-seekers can never be trusted. The country is crumbling. Corruption is killing. And nothing is working in India.
"Look East policy": The thinking section among the Brahminists advised the "Khatri Sick" that his foreign policy is failing. And that he must quickly take a right-about-turn. The result is its sham "Look East policy" and his recent rush to all East Asian capitals.
The problem with our "brilliant Brahmins" is they think they alone are smart and brilliant. And the rest are duds. They do not know whatever they touch becomes mud. Who will believe these stupid rulers?
China never trusted India: As this is written India is behaving as the enemy of China at a time when the world's sole super power, USA, is afraid of it. China for all outward purposes may use some nice words but our information is Beijing fully knows the Brahminists hate China. The proof is Brahminists have not so far started going to China on a holiday.
Keeping the hated Dalai Lama as its honoured guest and encouraging the beef-eating Tibetan toughs to attack Chinese embassy is a clear sign of Brahminist hatred of China.
China has strictly controlled the entry of Jews and also the "Jews of India". They have all the information about the deadly tentacles of these two world's most dangerous peoples.
The latest is the failure of India's Afghan policy. They made heavy investment in Afghanistan, wooed its corrupt president Karzai at a time when the US itself was preparing to pack and get out.
Taliban takeover: Once the Taliban takes over Afghanistan, it will get closer to Pakistan and the immediate effect will be on Kashmir — where the Chinese are waiting.
Nor did India succeed in wooing Obama away from Pakistan. His recent visit gave nothing to our rulers.
Brahminists bungled in Kashmir and brought very bad name to the Brahminists.
Nepal, the world's only Hindu country, has turned against India. So also Lanka, Burma, Bangladesh. All the countries around India are closer to China than India which they never trust.
Useless Foreign Minister: The "Khatri Sick" has appointed a Foreign Minister who knows nothing except displaying his foreign-made dress and changing it three times a day.
As long as the "Jews of India" are guided by their cousins in America, India can never think of changing its foreign policy. The "Jews of India" hate China, the emerging super power.
Can a country's internal and external policies be guided by the selfish interests of its less than 15% ruling upper castes — keeping out the interests of over 85% submerged indigenous Indians?
http://www.dalitvoice.org/Templates/dec2010/reports.htm
DMK-Cong ties hit as CBI raids entangle Karuna's kin
Shekhar Iyer, Hindustan Times
New Delhi, December 15, 2010
First Published: 20:51 IST(15/12/2010)
Last Updated: 21:46 IST(15/12/2010)
t's not just about disgraced telecom minister A Raja any more. Tamil Nadu chief minister and DMK patriarch M Karunanidhi found himself cornered politically as CBI raids came closer to his family as it pursued money trail in the 2G spectrum scam. Senior DMK leaders were in a tizzy and couldn't
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But one thing was clear. The DMK ties with Congress were no longer the same, and in fact under severe strain. The DMK as a party was also in a utter confusion because neither senior leaders nor the cadres knew what lay in future.
"It's the family of Karunanidhi and he will have to decide how to salvage the situation when the state elections are four months away," said DMK leaders who did not wish to be quoted."It is not just Raja who can be expelled and we go on as usual. Now, it's got very close to the family," said a DMK functionary.
"Kanimozhi is just not another MP like Raja who can be dispensed. If the CBI has zeroed in on her NGO or her mother's auditors and accountants, the noose is not far off," said a DMK leader. "Karunanidhi, at his age, won't give up on this family."
What has brought matters to the brink, admit DMK officials, is that Karunanidhi's trust in the Congress -- that the issue would be "capped" with, first the resignation of Raja in the wake of a damning CAG report, and secondly, with the CBI and Enforcement sleuths targeting him alone, stood dashed.
But will Karunanidhi take the first step to snap ties with the Congress to show his ire over CBI raids? Or will the Congress high command, instead of playing the waiting game, take the first decision to walk away?
Indications are that it will be waiting game on either sides. The Congress refrained from commenting on the raids. "We don't comment on our allies. We trust our allies…the trust is mutual," Congress media chairman
Janardan Dwivedi said.
As both the parties are dependent on each other, the Congres would tread cautiously on the alliance issue. But at the same time, it is said to be preparing a contingency plan.
Karunanidhi, 85, was in no position to decide either way now. His party is depending on 30-odd Congress MLAs to prop up his minority government. Would he risk the fall of his government before the polls?
DMK's 18 MPs in the Lok Sabha are a formidable lot when it comes to numbers for the Congress-led UPA at the centre. But, with AIADMK chief Jayalalitha's offer to garner the numbers to compensate the DMK's strength was "still open", said AIADMK officials.
The Tamil Nadu Congress leaders did not mince words in saying that the DMK was a liability before polls. With a taint image, the Dravidian party was a loser and they would like their party high command to mull other options. While a section wants to join hands with Jayalalitha, another wants to follow Rahul Gandhi's line for other states:walk it alone.
(With inputs from Aurangzeb Naqshbandi)
http://www.hindustantimes.com/DMK-Cong-ties-hit-as-CBI-raids-entangle-Karuna-s-kin/Article1-638838.aspx
RBI to infuse Rs 11,700 crore in cash-strapped system
MUMBAI: The Reserve Bank will infuse Rs 11,705.8 crore into the system which is reeling under cash shortage due to to the busy credit season and advance tax payments.
Liquidity injection would be on December 16 through open market operations, under which RBI pumps in money by purchasing government securities held by banks.
The bank would announce results of open market operations tomorrow, RBI said in a statement.
The bond auction for Rs 12,000 crore was held today but RBI received valid bids to the tune Rs 11,705.8 crore.
The government securities which the RBI purchased this time are to mature in 2016, 2017, and 2022.
It is estimated that the advance tax is going to drain out about Rs 50,000 crore from the system.
Going by initial estimates of advance tax figures, the country's largest lender, State Bank of India, paid an advance tax of Rs 1,850-crore as against Rs 1,795-crore in the year-ago period while the second-largest, ICICI Bank, paid Rs 450-crore as against Rs 301-crore in the corresponding period last year.
Last week in Kolkata, RBI Governor D Subbarao had said the central bank may take further action to inject liquidity in the system.
The RBI announced similar programme last week for injecting up to Rs 12,000 crore but had pumped in a little over Rs 10,000 crore.
The liquidity crunch in the system can be gauged from the fact that RBI injected over Rs 1 lakh crore through repo (short-term lending against government securities) window today itself.
The RBI had also blamed high cash balance with the Government for aggravating liquidity strain in the system and asked it to loosen purse strings for easing the situation.
"We expect the government to spend and reduce the cash balance and ease the liquidity position. Although the government is spending, it is not enough," Subbarao had said in Kolkata.
He had said the government was sitting on huge cash balances it got from higher than expected receipts from 3G spectrum auction, disinvestment and indirect-tax collections.
Read more: RBI to infuse Rs 11,700 crore in cash-strapped system - The Times of India http://timesofindia.indiatimes.com/business/india-business/RBI-to-infuse-Rs-11700-crore-in-cash-strapped-system/articleshow/7107056.cms#ixzz18Ca3wNZA
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