1140000000000 Rupees : The Great Government of India Bad Bank Loan Write Off.................

This is the amount of bad loans waived in the last 3 fiscal years, more than the write offs in the previous nine. SBI is the biggest culprit at 21,313 crores of rupees. Followed by other nationalized Banks. 

I am not a financial analyst but a retired Army Veteran with some common sense which I claim to have. Yet when the RM (Defense Minister) obviously backed by the Prime Minister and the Finance Minister, shamelessly tells me that we are giving you One Rank One Pension (OROP) by pulling out a meal a day from some poor mans mouth, then my blood does boil when I read such headlines. 

I want to know Mr. PM on what basis did the Government give subsidies to the TATA's for its Nano plant amounting to more than 30,000 crores and further gave Rs 9,570 crore at an interest of 0.1 per cent and additionally allowed deferred repayment spread over 20 years . I can site umpteen number of cases which I get by just using google search. Then from which poor mans mouth did you pull out the money? We want to know the breakdown of the defaulters to whom these bad loans belong. Which are the defaulters who are genuine and became so due to a Global Economic Slump. 

Details of those politicians, their families, babus in 
government and their families, Industrial Houses 
who deliberately with the blessings of the 
Government walked out of the Bank laughing. 

Specially we want to know about these champions who are helping to bring down the economy of this country. We also want to know what action the Government intends to take 
on such defaulters. 

The ARC (Asset Restructuring Company) will again be made into a vehicle of profit, as bad loans and the total assets of banks will be taken over by this entity to the grief of those affected Banks. Any such asset-management company could not be financed exclusively by the banks themselves; it would require some form of state backing, and therein comes the Government, which in turn means us Tax Payers money will finally go into the pockets of these rouges. our politicians are Non Performing Assets (NPA) when it comes to repaying. They are EPA (Exta Performing Assets [liabilities] ) when it comes to siphoning into their coffers.

HERE IS A SUPREME EXAMPLE OF WHAT OUR CORRUPT POLITICIANS ARE CAPABLE OF DOING AND WE KEEP FOOTING THE BILL IN TERMS OF LOSS OF HONOR, IZZAT, MORALS AND LOSS TO THE EXCHEQUER

1. Pratibha Mahila Sahakari Bank was a cooperative bank set up by Patil in 1973 to empower women. The license for it to operate as a bank was revoked in 2003 by the Reserve Bank of India for alleged financial irregularities. Among the irregularities listed were the loans policy of the bank and loan interest waivers given, among others, to Patil's relatives. Patil was one of the chairpersons of the bank and a number of her relatives were also directors.

2. She is currently one of 34 respondents in a legal case at the Bombay High Court relating to allegations of mismanagement of the bank and misappropriation of funds by its directors.

3. A cooperative sugar factory – Sant Muktabai Sahakari Sakhar Karkhana – of which Pratibha was a founder member, was declared a defaulter for failing to repay a Rs 17.5 crore (Rs 175 million) bank loan. Pratibha Patil had been its chairwoman and director until she became the Governor of Rajasthan. The loan was taken in 1994 when Pratibha was its chairwoman, but the factory has failed to repay the full amount. The bank sealed the factory on 23 January 2007 after issuing many reminders.

4. That as a Member of Parliament for Amravati between 1991 and 1996 Patil diverted Rs 36 lakh (Rs 3.6 million) from her MPLADS fund to a trust run by her husband Devisingh Shekhawat. This was in violation of Government rules which barred MPs from providing funds to organisation run by their relatives.

IN SPITE OF ALL THIS CORRUPTION A CORRUPT CONGRESS MADE HER THE PRESIDENT OF INDIA AND THIS WAS THE OUTCOME OF HER PRESIDENTSHIP :

1. Ms. Patil used Indian government's money to take useless foreign trips with her grandchildren. When they are on travel, Presidents are supposed to meet foreign dignitaries and improve diplomatic relationships & cultural exchange. In her foreign trips, her huge extended family travels at taxpayer's expense to tourist spots. 22 trips and $40 million in travel expenses. Even when she traveled in India, she seemed to like beaches more than people. 

2. As a parting gift to the nation, Patil pardoned over 35 convicts on a death row - with no real justification. These included a few brutal child rapists.

3. She has allegedly misused Indian government's money to build a mansion on a 260,000 sq.ft plot, in a land belonging to war widows. This act (of using government money to build a retirement home post-Presidency) was unprecedented.

4. Most importantly, during her Presidency of 5 years, she has precisely done nothing. In contrast, her predecessor Dr. Kalam was widely respected and took bold political moves to keep the government on track. Paired with a toothless Prime Minister, she proved doubly disastrous for India.

5. She did a self-appraisal and announced 300% Salary hike for herself as well as vice-president.

6. The former President, who had kicked up a storm after it emerged she was planning to construct a post-retirement home on defense land (earmarked to build homes for war widows) in Pune, has now been asked to return all the gifts she had packed off a month before leaving Rashtrapati Bhavan in July.

7. An RTI query filed by activist Subhash Chandra Agrawal revealed that Patil had packed over 150 gifts, received by her in the official capacity of President, and transported them to her hometown in Amravati. Usually the gifts received by the President are to be deposited with the official treasury of gifts, which maintains an inventory. But in Patil's case, this rule was not followed. But now President Pranab Mukherjee's secretariat has taken steps to get the gifts back. On August 14, the secretariat wrote to Vidya Bharati Shaikshanik Mandal, asking it to return the gifts by June 15, 2013.

8. Some of the gifts received by Patil include a stone box presented to her by the US President, a candle set from the British PM, a wooden framed photo from the President of Vietnam, a memento from the FIFA president, a gold medallion and a silver medallion of Nelson Mandela besides a gift box from China.The RTI activist has meanwhile demanded action against those responsible for transferring the gifts to the Amravati-based trust.

8. Her image had already been tarnished even before she took the role. Her predecessor is Dr. APJ Abdul Kalam who is very highly revered among Indians. When Mrs. Patil became president instead of him, needless to say, Indian citizens did not welcome the decision. And then her actions further fueled their anger.

If you look closely it was not only the UPA partners who washed their hands in the flowing economic Ganga. It was everybody including our exalted BJP. Many of them are Ministers now too. So no discomfort should be felt. I refer to the OROP thing time again because it affects me directly.

There are so many other equally important issues which effect others directly too. Have a look at the borrowers with a magnifying glass, you will find surprises. The mess has to be cleaned up that I agree but in which manner that is the million dollar question. So also I agree we have to give Mr. PM a chance before we turn our verbal guns on him. Lastly the money which is being raised from Petrol Oil and Lubricants carries no guarantee as to where it will be used. Once it goes into government coffers it cannot be marked as this money and that money. 

Ultimately a large chunk mind you a very large chunk will go into the Asset Reconstruction Company from the government coffers every Financial year, which normally should have gone into Infrastructure Development. While this happens a large coterie of politicians, Company Directors, owners of Industrial Houses, relatives of present and ex ministers of all hues will go laughing to their Banks because their assets are already a big "ZERO", on paper. So in practice what would happen is this Asset Management Company will end up with assets of worst hit banks which will be off loaded in an unfair  manner from otherwise Banks who were doing well.

Ahead of the Budget, government on Saturday hiked the excise duty on petrol by Re 1 per liter and Rs 1.50 on diesel, the third increase this month, to mop up over Rs 3,200 crore in additional revenue, netting in all Rs 17,000 crore in three months.

The hike will not result in any increase in retail selling price of the two fuels as it would adjust against the reduction in rates that may have been possible because of the slide in international oil prices.

Basic excise duty on unbranded or normal petrol has been increased from Rs 8.48 per litre to Rs 9.48 and the same on unbranded diesel from Rs 9.83 to Rs 11.33, a notification of the Central Board of Excise and Customs (CBEC) said.

The increase in excise duty will fetch the government over Rs 3,200 crore during the remainder period of the fiscal.This is the third hike in excise duty this month as the government made use of the slump in oil prices to shore up resources at a time when its disinvestment kitty is likely to fall way short of target.

The government had on January 16 hiked the excise duty on petrol by Rs 0.75 per liter and Rs 2 on diesel to mop up over Rs 3,700 crore in additional revenue.

Prior to that the government on January 2 had hiked the excise duty on petrol by Rs 0.37 per liter and Rs 2 on diesel to mop up a little less than Rs 4,400 crore.

Let there be no doubt that BJP has fucked up running this nation, If I may express my personal views, Manmohan Singh should have been brought in as Finance adviser or minister if possible. Although he is a Sonia bhakt (worshiper) yet as far as finance is concerned his marbles are in the right place. Many BJP bhakts (worshipers) may hate to admit it but lot of positive things have happened during UPA as far as Finance is concerned.

BJP has fucked up everything in spite of favorable for India international economic conditions. Specially price of oil 27 USD bbl never heard of. Its time that Mr. Modi, if he is capable of doing so, which I really doubt now, must reign in his horses and set things right ASAP with all his Ministries and his ministers. Otherwise this is a path of no return for the BJP.

One has to also link the hike in petrol and diesel prices to the fraud perpetuated by the BJP government. Public Sector Banks are about to write off bad loans and restructured loans coming under NPA ( Non Performing Assets), the amount being a mind boggling Rs. 700,000 crores.

I as a common citizen as well as an Army Veteran, who was told by our dear PM, that we have given you OROP (worth Rs. 8000 crores) at the cost of the poor people or words to that effect, want to know who are these entities who have contributed to these bad loans. That they have managed to swindle banks, duly assisted by rogue politicians who or their families I am sure must be the bulk of owners of these defaulting entities, plus industrial houses faithful to the present politicians and parties running the Government.

If a person the President and founder of a Bank, who is allegedly involved in a Bank Scam can be made as the President of India, I can well imagine the morality of governments.

" Pratibha Mahila Sahakari Bank, that ceased trading in February 2003 when its licence was cancelled by the Reserve Bank of India. Among other failings, the bank had given illegal loans to her relatives that exceeded the bank's share capital. It had also given a loan to her sugar mill which was never repaid. The bank waived these loans, and this drove it into liquidation"

So Mr. Raghuram Rajan(head of the Reserve Bank of India) I as a common citizen of India want to know who are these entities who have defaulted, and now the Government of India owned Banks are going to write these NPA's or bad and restructured loans off to the tune of Rs. 700,000 crores. Please compile the details Mr Rajan and publish them in leading newspapers. 

At least we have a right to know.

In the meantime Mr. Jetley and Mr. Modi sirs please explain to the nation this increase in petrol and diesel price, when the price of international crude has fallen to the lowest since 2000 if I am not mistaken where the poor man is again going to be "Ragdoed" by virtue of rise in prices of essential commodities and transportation.

In 2000 when oil import costs were same as today onions were Rs.3 per kg (today Rs. 30), and average price of vegetables was Rs. 5 per kg (today Rs.30). The average costs of pulses was `Rs.6 to Rs.10 per kg (today Rs.80) and sugar was Rs. 10 per kg internationally (today in India its Rs.30). Considering that 80 % of costs are due to crude prices as they effect every thing from fertilizers, tilling the farm, power for water pumps to electricity, to transportation, can you our dear Prime Minister please explain to the common man what the hell your government is up to sans the bullet trains and smart cities?