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Letters

Gurumurthy’s reply to Prannoy Roy regarding NDTV-Chidambaram Scam

Gurumurthy's reply to Prannoy Roy's email regarding Chidambaram & NDTV's Rs. 5000 crores money laundering s… by pcwedsndtv

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Excerpts

Chidambaram on the NSEL scam

Since the matter came to me, I have said there are three entities; the National Spot Exchange Ltd (NSEL), the Multi Commodity Exchange (MCX) and the MCX-SX; all of which are owned or controlled by the Financial Technologies , the parent company.
MCX-SX is a stock exchange. It is regulated by Sebi and they have taken action, they have replaced the board, appointed outside Directors and it is now under better supervision.
Then, we have MCX, which is a commodity exchange. That is under Forward Markets Commission (FMC). The persons who are suspected to have committed illegality have all been removed or resigned. The FMC has replaced them with other Directors and MCX is now a commodity exchange under very-very strict supervision. There is almost daily supervision and both regulators did surprise checks and will continue to do surprise checks to detect any illegality or any irregularity.
NSEL is a company. It is not a commodity exchange; it is not a stock exchange. It is a company which even before it started business was exempted from the act. So when it entered business, it was not regulated at all. People may have thought it was regulated and I do not blame them; I sympathise with them. Many of them may have lost money believing that this is a good company but I know that many of them put in money knowing it is not the regulated company and knowing that the money was being diverted. So, you must divide the investors into two categories- people who knew what was happening and people who did not know what was happening. I think people who have put in money must get their money back.
The Economic Offence Wing (EOW), Maharashtra police, the Enforcement Directorate, the central government and to some extent the Income Tax Department are working on them. A number of people have been arrested, they have been interrogated, properties have been attached, bank accounts have been attached. Whatever money we collect, we will now place it before the court. The matter is before court. Let the court pass whatever order it has to pass on how the money should be distributed. We are not coming in their way. Let the law take its course and let the money be distributed. Whatever money we collect either from ED, Income Tax Department or even the Economic Offense Wing of Maharashtra police, that money will be available for the depositors.-from MoneyControl

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Observations

Chidambaram’s gifts to India

Mr.Chidamabaram has presened eight union budgets, 2 short of Moraji Desai’s record 10 budgets.

In these eight budgets, Mr.Chidambaram has introduced taxes whose acronyms have become part of daily usage.Have enclosed the list below:

Chidambaram’s Budget # Year New Tax/Proposal Introduced New Acronym introduced
1 1996-1997 Minimum Alternate Tax MAT
2 1997-98 Voluntary Disclosure Scheme VDS
3 2004-05 Securities Transaction Tax STT
4 2005-06 Fringe Benefits Tax FBT
4 2005-06 Banking Cash Transaction Tax BCTT
7 2008-09 Commodities Transaction Tax CTT
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Budget Transcript

2013 Budget Transcript

[gview file=”http://alphaideas.in/wp-content/uploads/2013/02/Budget_Speech_1380147a.pdf”]