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It is surprising and shocking now the
Finance Minister, Mr. Chidambaram feels
“non-transparent PN Route has become a holy
path”. In October 2007, the same Mr.
Chidambaram, RBI and SEBI came out strongly
on the non-transparent PN Route. They
started singing in chorus “India does not
want hot, non-transparent hedge funds”
Restrictions were imposed. The great
Finance Minister started questioning the
layers of PN Route.
Now the same Government, Finance Minister
have suddenly withdrawn all the norms,
conditions, transparency. BJP National
Executive Member, Dr. Kirit Somaiya,
condemns the flip-flop, non-transparent,
manipulative, speculative policies of the
Congress-UPA Government. This is not only
unhealthy but dangerous to the health of the
economy.
BJP leader, Dr. Somaiya charged that the
Finance Minister is playing with the
market. His sense works in different
direction when the market is high and speaks
in different language when the market is
low.
It may be noted that when the Sensex touch
21000, Mr. Chidambaram started boasting “it
is my economic achievement. We do not care
about the US slow down and Sub-prime
crisis”.
It is the same Finance Ministry, SEBI and
RBI which allowed the abnormal, speculative,
manipulative practices in the Market,
allowed and supported the promoters to
extract abnormal premium in the IPO.
In just 9 months, Sensex tumbled down to
half of 21000. Now the Finance Ministry,
SEBI have suddenly withdrawn all the
restrictions on non-transparent hot money.
BJP strongly condemns such speculative,
manipulative tendencies.
It should be noted that RBI Governor, Dr.
Reddy had time and again warned of such
non-transparent flow of hot money. BJP is
concerned about such flip-flop of the
Finance Minister. It may be noted that it
was BJP Government’s Finance Minister, Mr.
Jaswant Singh and then SEBI Chairman, Mr.
Bajpai who expressed concern and initiated
strong guidelines on non-transparent PN
Route flow in August/October 2003. BJP
supports and welcomes transparent, healthy
foreign money whether it is in the form of
FII or FDI but is concerned about the
non-transparent hot money. |
