Category Archives: General

NPA of Banks – One Corporate House owes Rs. 1,22,000 crores !

29 Sunday Jun 2014

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It has always been known that almost all the major corporates have not returned thousands of crores of rupees they have taken as loan from the banks. These are treated as Non-Performing Assets (NPA) and written off later. The hard earned money of the people were being looted by these corporate houses.
Now, senior BJP leader and former Communications Minister Arun Shourie has stated that one Corporate House in India owned Rs. 1,22,000 crore and another Rs. 58,000 crore to the banks, which they have taken as loan! This will be true. In the same way, there will be thousands of corporate houses, which have been cheating the banks.
Why the government and the Bank Managements are sitting as silent spectator? They should act immediately and take necessary strong action to get back the amounts to the Banks, which are mainly the PSUs.

‘Panchasheela’ Day.

28 Saturday Jun 2014

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60 years have passed after the ‘Panchasheela’ Agreement was made between India and china. The Prime Ministers of both India and China, Pandit Jawaharlal Nehru and Chou-en-Lai respectively signed the agreement which was hailed as a big achievement in the relations between the two countries.
It was on 29th June 1954 that the agreement was signed at Peking. There have been many differences during the last 60 years. India has grown and China has grown.
It is time that better relations are brought between the great two Asian countries, which will benefit both.

PEOPLE’S DEMOCRACY Reaches 50th Year.

27 Friday Jun 2014

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‘People’s Democracy’, the organ of the CPI(M), is reaching the 50th year of its publication. It was started in 1965 and the first editor was Comrade Jyoti Basu, followed by Coms. M.Basavapunnaiah and Sunil Maitra. The present editor is Com. Sitaram Yechury. It has got editions in Delhi, Kolkata, Chennai, Hyderabad, Kochi and Agartala.

During the last 5 decades, it has served the common people and the working class in the country. It has fought for the toiling masses and propagated for the correct policy for advancing to socialism in the country.
On this 50th foundation date of People’s Democracy, it is hoped that it will continue to serve the people still better.

‘Internal Emergency’ 1975, the Dark Days.

25 Wednesday Jun 2014

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It is only with dread and anger that we can remember the ‘Emergency’, declared by Prime Minister Indira Gandhi on 25th June 1975, after her election was declared as invalid.
Terror was let loose. All the opposition party leaders were arrested and put in jail. Democracy was thrown to winds. Workers rights were trampled. Many Central Government Employees’leaders, including that of P and T were arrested and jailed. The press was completely censured and any opposition was subdued with iron hands. It was something more than dictatorship.

But the people will not tolerate such dictatorship. In the next elections in 1977, the Congress under the leadership of Indira Gandhi bit dust. It took many more years for the Congress to come back.

Today is the 39th anniversary of that dreaded day on which the Emergency was declared. We have to ensure that such an eventuality will never happen again.

Temporary Relief – Gas Price Hike deferred

25 Wednesday Jun 2014

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The Government has deferred the proposed gas price rise for three months.
The Cabinet Committee for Economic Affairs on Wednesday decided to defer the gas price hike by 3 months, said Oil Minister Dharmendra Pradhan. The cabinet has decided that there is need for more consultation on gas price hike, said Pradhan.
It is only but a temporary relief. The price rise might have been deferred in view of the coming assembly elections in Maharashtra etc.

Former Communications Minister moves to Rs. 16 lakhs rented bungalow

24 Tuesday Jun 2014

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One more news on the new crorepatis. Now it is the former Communications Minister Kapil Sibal. After defeat in the Parliament elections, the former Minister was asked to vacate the official residence. He will shift from the official residence by 1st August to a rented bungalow, the rent for which is Rs. 16 lakhs. The luxurious residence in Lutyen’s Delhi only, where among the government residences there are some private residences also.
There need not be any surprise in the new information. Kapil Sibal is a Senior Advocate of the Supreme court and has been representing MNCs and big business tycoons like Pepsi, Birla etc.

Hillary Clinton part of the top 1%

24 Tuesday Jun 2014

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The former US Secretary of State, Hillary Clinton is part of the top 1% of the US, the trillionaires club.
Her house in Washington costs about $ 5 million and she travels by private jet on her tour. She charges about $ 200,000 for a speech, sometimes more.
She is expected to contest for the post of President in the next term. The Democratic Party which may sponsor her, may be worried about the trillionaire tag.
But after all it is US, the captain of the capitalism and this may not be much of a news.

Banks to give all details of Black money to SIT

23 Monday Jun 2014

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Reserve Bank of India has directed all the banks and Financial institutions to provide all required information to the Special Investigation Agency (SIT) on Black Money,so that the culprits are caught. The SIT is headed by former Supreme Court Justice M.B.Shaw.

In the meanwhile, the report that Swiss Authorities have handed over the list of depositors of black money in the Swiss Banks is denied by them. Indian Government has demanded for the same.

Budget Session of Parliament from 7th July to 14th August.

23 Monday Jun 2014

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The Budget Session of Parliament will start on 7th July and will end on 14th August 2014 as per the decision of the Cabinet Committee on Parliamentary Affairs (CCPA). General Budget will be presented on 10th July.

The session is going to be stormy. Though the NDA government has got monstrous majority, the opposition is going to put the government in the dock on the huge increase in the railways passenger and freight charges, increase in gas price, increase of prices of essential commodities etc. No effort has been made to stop the price rise.

The session will be a test for the Congress also. How they are going to attack the NDA government, which is only aggressively implementing their own neo-liberal policies?

The Left parties also have been cut to size in the elections, but they can continue their earlier and committed positions, for which there need not be any change.

The working class is waiting. Leaders of all the 11 Central Trade Unions have made it clear to the Finance Minister when he met them as part of the pre-budget discussion, that there is no compromise on the 10 Points demands they have raised before the government earlier and they have to be accepted and implemented. These include bringing down price line, minimum wage of Rs. 10,000 for contract workers, no disinvestment of PSUs, increasing of jobs etc.

The common people will be watching which way the new government is moving. Let the government take positive decisions for the country.

Swiss Government to supply of list of ‘Black Money’ Accounts?

22 Sunday Jun 2014

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It is reported that the Swiss Government has agreed to give list of those Indians who are having accounts in Swiss banks, which are supposed to be black money. It is assumed that there are about Rs. 14,000 crore money deposited in the Swiss banks by Indians.
The SIT Chairman Justice Shah has stated that once the list is received, it will be verified and action taken.
This is good news! Hope that something will come out of it.