Tag: TMC

Trinamool’s Derek O’Brien speaks regarding the adverse effects of interest rate cut by SBI

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Sir, I am glad that the Finance Minister and Leader of the House is here; maybe he will give us an explanation.

The SBI reduced rates on savings in bank accounts, holding a balance of less than Rs 1 crore, by 0.5%. Sir, more than 90% of bank accounts in India are people who have less than Rs 1 crore. Sir, SBI, in their explanation, have said, that after demonetisation there was a huge inflow of funds; about 50,000 bank accounts were being opened every day, and about Rs 1.5 lakh crore was moved into the system. But there were no borrowers in the system because after demonetisation economic activity was low. This is the SBI’s view.

Sir, what impact has this had? Sir, the first impact, the obvious impact, is that small depositors, especially senior citizens, pensioners are all affected. When they are affected, what would they do as alternative? This is a sure fire way of opening up and encouraging chit funds. Everyone talks about chit funds but no one talks about Pearl Chit Fund.

Let us have an investigation on how many people were investigated in Pearl Chit Fund and which Government and which people were involved. What action was happening outside North Block in Delhi and in Punjab? It is very convenient to talk about Odisha and Bengal when it comes to chit funds. Sir, through you I want to caution the Government that this decision will also increase the infiltration of chit funds.

And worse still, the commercial banks also going to be affected. Sir, the rate for the fixed deposits in early 2014 was 10%. I was talking to some senior relatives of mine, they were getting 10%, 9% till a few years ago. Now that is down to less than 6%.

Sir, post demonetisation, 1.5 million jobs have been lost. Sir, now even the NITI Ayog Vice Chairman has suddenly resigned; we wish him luck in his new assignment. No matter what the Government tries to say, he has resigned after three years. Sir, these are the big issues post GST and demonetisation.

The Opposition parties have been trying to discuss these issues. NPAs worth Rs 7 lakh crore have still not been recovered and you are hurting the poor people. Sir, we need a discussion on this; the Government is running away from a discussion. For three weeks we have given notices, Sir, please look into this, take this up and let us discuss it.

 

 

Mumtaz Sanghamita asks a Question on the desilting of Damodar River

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Thank you, Speaker Madam. In the last meeting of our Standing Committee, the CWC visited the Durgapur barrage in October, 2016. They suggested and recommended that there should be immediate desiltation and as well as cleaning of the Damodar river near the barrage area.

In 2013, Bengal Government held discussions with the central agency of Central Water and Power Research Centre and decided to have a Damodar Action Plan. I would like to ask the Hon Minister, whether she is making a plan for the Damodar Action Plan and the desilting of the river so that the Damodar barrage can work.

 

Saugata Roy speaks on The Banking Regulation (Amendment) Bill, 2017

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Sir, I rise to speak on the Banking Regulation Amendment. I have given a notice opposing the introduction of this Bill and I had also given a Statutory Regulation against the Ordinance. Why had I opposed the introduction? I had said that this is not a necessary Bill. Nor was there any hurry in issuing an Ordinance. I shall substantiate my points with what I had said at that time.

Per se, the Bill may not be bad. But I will show that this Bill is unnecessary under existing laws. The Government could have taken steps against NPAs. There is no doubt that the problem of NPA has reached heights from which Government will find it very difficult to extricate itself. The total assets of the State in terms of gross NPAs and restructured standard advances of scheduled commercial banks was Rs 9.64 lakh crore on December 31, 2016. Share Rs 9 lakh crore se zyada hain. And if you really look at the total NPAs during financial year 2016 for public sector banks, which was 9.83 per cent of gross advances, or almost 10 per cent of advances to the public sector banks, measures seem to have been taken.

But, as a Member correctly pointed out, what was the Government doing for three years as the NPA rose? And we will talk about Vijay Mallya. I will give you the names of 12 top NPA people, the total ‘toxic’ 12. The total NPA amount is Rs 7.7 lakh crore. Which are the big companies? Bhushan Steel has NPAs of Rs 44,000 crore, then there are Lanco Infratech, Essar Steel, Bhushan Power and Steel, Alok Industries, Amtek Auto, Monnet Ispat, Electrosteel Steel, Era Infra Engineering, Jaypee Infratech, ABG Shipyard and Jyoti Structures. The total NPAs of just 12 companies amounts to Rs 2,53,729 crore. It is these 12 companies against whom action has been taken under the Insolvency and Bankruptcy Code. But unfortunately this has the possibility of getting stuck in court because there is already one case in Ahmedabad High Court. So whether this will really sort out the problem, I am not too sure. That’s why I am saying that the Government had several instruments in its hand for three years, even before this law was enacted. It had both legal and non-legislative loan recovery options. It could have done loan restructuring, corporate debt restructuring, joint lenders’ forum, five-is-to-twenty-five scheme, strategic debt restructuring or sustainable structuring of State assets. These are the non-legislative ways open to the banks.

The other thing is, there is already DRT – for recovery of debts due to banks and financial institutions. There was a surface act under which asset reconstruction companies could have taken over assets. And then in 2016, we had the Insolvency and Bankruptcy Code. The Insolvency and Bankruptcy Code is a good law.

Now, this Ordinance or the Bill – what new thing do they bring? That the Reserve Bank may issue directions to a bank to go for insolvency proceedings. Now what does the Insolvency Law say? You first appoint an insolvency professional, then he forms a lenders/creditors’ committee, and then the creditors’ committee gets together and takes a decision on the bank. The ultimate arbiter is the National Company Law Tribunal. So this is the procedure; and the advantage of the Insolvency Code is that you have to settle the matter within 180 days. So it is a time-bound resolution of the problem of insolvency. But the Government hurried with this law for these 12 companies whose name the Reserve Bank did not disclose. I have got it from the internet.

However, the main question remains – is the Reserve Bank an appropriate authority? I am totally against the Reserve Bank of recent times, post-Raghuram Rajan, because this is the Reserve Bank which, till date, has not been able to count the notes which were deposited during demonetisation. So why should we have confidence in such a Reserve Bank? Our Standing Committee has repeatedly asked the Reserve Bank Governor – why don’t you say how much money has come in? My information is that they are still counting; they say they have to bring in machines from abroad. This Reserve Bank is totally inefficient and incapable. Nobody knows how much money has been deposited. And abiut the story of demonetisation – the balloon will be punctured when it will become known.

Now, the whole banking system, as our Chairman of the Standing Committee, Veerappa Moily says, is facing a collapse. The Government is trying to clutch at straws, and one straw is this Ordinance.

Now, I want to ask various questions. Currently, under Section 35A, the Reserve Bank may issue directions to banks on grounds of public interest and in the interest of banking policy. This ordinance gives the RBI additional power to direct banks to initiate recovery proceedings. So when already the RBI has the power to issue directions, why do you need the Ordinance?

The second question is, the majority of NPAs, 88 per cent of the NPAs, are in public sector banks. Mind you, the private sector banks like HDFC, ICICI, do not have such large NPAs. So the Government could have itself issued directions instead of asking the useless RBI to issue directions, since the Government owns all these.

My next question. As a banking regulator, the RBI is supposed to look after the macro-economic picture. It, as a regulator, is responsible for maintaining the financial stability while banks have the flexibility to make business decisions. Say, you have to settle a loan, and so, you have to take a haircut. Now the banks will not take the decision. They will say that let the RBI tell you then you have to take a haircut and settle the matter; so the whole thing will be delayed.

The appropriateness of the RBI directing Banks on the issue of default, which is a business decision, needs to be examined. Why not leave the banks to their own things?

Currently, banks face certain challenges as part of the recovery proceedings, such as the lack of incentives among public sector bankers to recognise losses, the fear of investigation in the case of low recoveries, insufficient capital to absorb the losses.

Everybody has mentioned that banks do not have the capital according to banking norms.

I have already said that I have given a statutory resolution, have opposed the introduction of the Bill and have called this an unnecessary Bill. With that I would rather say that I would expect the Bill, but if you accept Supriya Sule’s Amendment. She has said that this decision about going for insolvency and bankruptcy procedures should be left to the banks themselves. Please accept that, and then I will support the Bill.

 

Dinesh Trivedi asks a Question on cyber security

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Madam, modern warfare is not going to be fought with bullet or bombs; it is going to be cyber attack. And I am sure that the Minister and the House is aware that the world has no clue about the prevention, Because the attack can come from anywhere and we have seen it. In his answer, the Minister also has mentioned it.

Internal security is looked after by the Ministry of Home Affairs, external security is looked after by Defense Ministry. Cyber attack is both internal and external security threat and it is a very specialised area.

Would the Government consider having a separate Ministry altogether which could be known as Ministry for Cyber Security, because in coming days this is going to be as dangerous as nuclear warfare.

Thank you, Madam.

 

Trinamool’s Derek O’Brien makes a Point of Order regarding discussion on ill-effects of GST and demonetisation

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Sir, I want to make a Point of Order under Rule 29 and Rule 33.

We are aware that the Business Advisory Committee can only allot time and nothing more than that, which is fair enough. But it was informally agreed at the Business Advisory Committee that there would a Short Duration Discussion on the ill-effects rollout of GST and demonetisation. It has not still being listed this week.

Can the Minister give us the assurance on the floor of this House that this Short Duration Discussion will be taken up next week? This is an important issue, so we just want to know. There are lot of things happened post GST rollout.

 

Sudip Bandyopadhyay speaks on The Supplementary Demands for Grants for 2017-18

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Hon Deputy Speaker Sir, the discussion is not on General Budget; it is limited within the supplementary proposals and so the scope of discussion on this Budget is not enough. But there are some key issues which I feel must be discussed and I expect a response from Hon Jaitley ji also.

In the Supplementary Demands for Grants, Government is asking for an additional financial support of Rs 11,166 crore for 2017-18. Along with that they are also asking for Demands for Excess Grants for the year 2014-2015. Both the issues have been taken up together. Out of this Rs 11,166 crore, the Hon Minister has categorically clarified which areas he is going to utilise this amount for expenditure.

Rs 7,000 crore would go to the Petroleum and Natural Gas Ministry, for providing additional Grants in Aid (general) for payment of differential royalty to the State Governments, for GST. Rs 386 crore would be spent for activities related to the Goods and Services Taxes, GST; Around Rs 250 crore would be used for publicity of GST and Rs 99.3 crore for digitisation for payment of advanced user charges of GST Network. Again an amount of Rs 37.09 crore would be spent for accounting of GST. So, it is easily understandable because GST has been newly introduced, the Government is asking GST-oriented supplementary demand.

I want to say a few things about these points. Two major issues had been announced by the Government – demonetisation and GST. In the last Winter Session, Sir, I proactively took part in debates and discussions on demonetisation in the Parliament; everyday we raised this issue. We being a regional political party we had our separate views, we never opposed the idea of demonetisation or even GST.

Demonetisation was an issue we extended our full support to but with some riders. We advocated a go-slow approach. We advised the Government not to ban both Rs 1000 and Rs 500 notes together but go about it slowly.

Parliament session was held from November 16, 2016, to December 16, 2016, and after that I could not take part in the General Budget discussion because in the meantime I was arrested in the first week of January and sent away to jail custody. For long time I was in jail and was looking for an opportunity to speak on Arun Jaitley Ji’s Budget. I take this opportunity to speak on the Supplementary Demand for Grants to ask the Government what are the good effects of demonetisation.

After demonetisation was implemented, what good signals has the nation received in the economic arena? What is the effect of the dramatic pronouncement of GST in the Central Hall of Parliament at midnight? It was not responded by all political parties. It was a decision taken by the Government.

What I feel, Sir, is that demonetisation has not risen to the level of expectation which Government intended. Small and medium businesses are not happy with GST; even in the textile industry. In my Parliamentary Constituency of Kolkata Uttar, there is the Chamber of Trade and Textile Industry; they are frantically trying to pursue me to communicate to Hon FM that their matter be taken care of sympathy and the decision to impose 5 per cent GST on textile be withdrawn.

I want to put on record here that this Supplementary Demands for Grants, which the Minister is asking for, will be passed and this will be taken up as per constitutional norms. Then the Appropriation Bill will come; it will also be passed. Then the Government will start its operation.

Here, I want to dwell on the issue of cooperative federalism. Sir, after independence we have seen that the eastern region – Bengal, Bihar, Odisha, Assam – were the worst victims of regional imbalances of economy. These States have been neglected in economic development. Maharashtra grew, Gujarat grew, but not the States in the eastern region. We suffer a lot. We have become the victims of regional imbalances and we should be provided with special economic packages and funds.

In our State, in particular, one party ruled for a long time. For 34 years. And the State actually become economically bankrupt. The present Government had to carry a huge debt burden. From the very beginning our State Government made an appeal and it was once decided Bengal, Kerala and Punjab will be given special packages. But nothing has been implemented. We are repeatedly asking for that.

Bengal Government is highlighting a few of its good projects. One of these projects is the Kanyashree scheme.Two days back Maneka Ji was here. She said in the ‘Beti Bachao Beti Padhao’ scheme that the Government of India had launched, Kolkata was performing the worst. We do not accept this project because it has a budget of only Rs 100 crore the Kanyashree scheme has a budget of Rs 1000 crore; this project has been acknowledged by the United Nations. Mamata Banerjee has received an award for the Kanyashree project just two months back in Netherlands. I would like to request the Government of India to accept proposals from different State Governments for the welfare and benefit of the common people.

Sir, now I would like to speak regarding the excess grants for 2014-2015 – safety funds for the railways. I would like to request Mr Arun Jaitley that our Railway Standing Committee has submitted a very good report on the safety and security of railways; so please go through it and the excess money which was spent in 2014-2015, has already been granted. You can accept it in that way.

Sir, I hope these two issues will be taken care of – demonetisation and GST. I want to hear from the Government about the good effects of demonetisation after its implementation.

GST has been implemented. We do not oppose the idea of GST; Dr Amit Mitra was the Chairman of the Empowered Committee of Finance Ministers for GST. He has very positively put across the ideas and suggestions of Bengal Government for the guidance of the Centre. He also spoke about the agony of the States; we are the worst sufferers.

The federal structure of the country must be respected in its proper spirit. Just like Modi Ji is an elected Prime Minister – and we have accepted that – a Chief Minister of a State is also elected with the support of the people. So why should the Centre and the State always fight each other and be in a warring mood? Why should I be afraid that if I criticise the Government, I may be taken into task? These assurance have to be categorically given from the Government.

Parliament is the temple of democracy; it is the forum where different political parties must coexist with their own idea, own faith, own belief. If objective criticism is done, I think that is to be taken with faith, love and with all humility and pride. I hope that the Finance Minister will certainly look after the problems of the different States, which are suffering a lot in different ways.

There is nothing to oppose in the Supplementary Demands for Grants that the Finance Minister has placed. We extend our support.

Thank you.

 

 

Saugata Roy speaks on the recent attempts by ruling party at Centre to destabilise Opposition

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Thank you Sir, I shall be brief. The ruling party at the Centre had earlier acquired majority in Goa and Manipur through dubious means. The Central Government is using the power of the Government and money power to destabilise the Opposition parties and Opposition Governments.

In Bihar, the Deputy Chief Minister was raided by the CBI which led to the Chief Minister’s resignation and formation of the Government with the central ruling party as its partner.

In Gujarat, six Congress MLAs resigned from the party on the eve of Rajya Sabha elections from the state. There are complaints of money power being used. The Election Commission has asked the Chief Secretary of Gujarat to probe the matter.

In UP, two SP and one BSP MLC resigned from the Legislative Council to pave the way for the Chief Minister’s election. The misuse of power and money by the ruling party bodes badly for democracy and needs to be registered by all right thinking democratic people.

In Bengal they have been unsuccessful and six members of the Opposition (non-BJP parties: TMC and Congress) have been elected to Rajya Sabha.

Thank you sir.

 

Sugata Bose demands an update to the Statement by External Affairs Minister regarding the situation in Mosul

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Within one hour of External Affairs Minister’s statement we saw pictures in the media that mass graves have been found around the Badush Jail. We appreciate the statement of External Affairs Minister. But, she also could have appreciated the work of a woman reporter from India who had sent the investigative report from the ground, telling us that the Badush Jail was in ruins.

So, I would urge the External Affairs Minister to provide an update to her statement and also provide the full circumstantial evidence of what is going on in Mosul and Badush area. We want to hear from the Government. We do not want to rely only on media reports. There should be an authoritative statement from the Government about the full and detailed position in Mosul.

 

Trinamool’s Derek O’Brien speaks during a discussion on farmers’ distress

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Sir, firstly, we would like to thank the Chair. Last week, we took up some issues of national importance and we had a good debate and discussion. Today also we have taken up the issue of farmers’ distress. We heard this morning that a Calling Attention Motion has been admitted on the flood-like situation in many States; it is also raining very heavily in Bengal. So, the DVC has opened its sluice gates because of which a lot of damage is being caused. So, thank you, Sir, for allowing us to take this issue up.

Let me begin. I was trying to find out where should we begin; what should be made the benchmark here? So, I thought the best benchmark here is to quote the BJP Manifesto of 2014. Let us not think what happened before that, what happened 10 years ago. There were two quotes, because then you get to know what were the promises made and where we are today.

First, “within three years increase profits of farmers upto 50 per cent over the input cost”. BJP Manifesto, page 25.

The next one is also on page 25: “Strengthen and expand the rural credit facilities”.

Through my speech, I will try to tell you where the BJP Government has reached in the last three years. And since I was reading the BJP Manifesto, please pardon me if I also read the AITC Manifesto of 2011, and where we have reached in six years in Bengal.

Someone from the BJP said we never appreciate, the Opposition is forever opposing the Government. We appreciate the Government, because for the last five years the Krishi Karman Award has given by the Central government for foodgrain production, coarse grain production. The award has come to my state of Bengal. So, thank you very much for that.

Regarding the income of farmers, these are the hard numbers: The annual income of farmers in Bengal was Rs 91,000 in 2010. It rose to a little over Rs 2 lakh in 2016.

Speakers before me, both from Madhya Pradesh, spent some time on the PMFY. I would request Madhya Pradesh and all other States to look at the Bengal model, which is unlike the others. It is working very well in Bengal.

Under PMFY, the farmer gives 50 per cent and the Government gives 50 per cent, which is the share of the Central and State Government. What is unique in Bengal is the farmer does not give even Re 1. Ek rupiya bhi farmer nehi deta, pura State Government deta hain aur Central Government deta hain.

I am happy, and I appreciate that the Agriculture Minister is nodding, and that’s why this residual money is also picked up by the farmer. So rather than doing a tu tu main main in Madhya Pradesh, this good model must be followed.

This is a good model and I would urge many more States to follow this model.

There has been a lot of talk and it is good that we should also have something on the table. I certify that the contents are correct and they are based on authentic information. It doesn’t matter which State, it doesn’t matter which party is ruling the State. That is not important. What we believe in is this authentic list of 90 farmers who committed suicide. So, we’ve got the State, we’ve got the name, we’ve got the age and we’ve got the reason for the suicide. This farmers’ list is well taken care of. I would like to place this on the table. In the morning before I came in, I had these documents authenticated.

They do this for many reasons. We don’t have the time to go into whether it’s psychological reason or because they can’t pay back the debt or because they don’t have counselling.

It’s been a reasonably good monsoon compared to the last two years of drought. We are very well aware that India is so dependent on the monsoon because when it comes to per capita storage capacity, America has about 2,000 cubic metres, China has about 1,200, Russia about 6,000. Where are we? We are at 200 cubic metres; hence the high dependence on monsoon. This has not happened in the last few years, this has been happening for a period of time. So we need to address this issue.

Now let’s come to the issue of the great announcement of demonetisation. In fact, I was quite intrigued by what the speaker from the BJP, Jha ji, said. He said, “Naam badal gaya”. Yes, naam badal gaya, lekin kaam badal gaya? That’s a question we have to ask, Sir, because this country thought they voted for a game changer. I’m sure this country doesn’t only want a name-changer.

On the cashless economy, we have the hard facts here. What did the farmers do, whether it was in Eastern UP, whether it was in Gujarat, in Rajasthan – what did they do? They went back to the old system because there was no cash available, they went back to the barter system and the Chief Minister of Madhya Pradesh had to appeal to the traders to pay at least half in cash. if you look at what the RBI called the fire sale of crops, and you compare potato, tomato and onion of last year to this year whether you do it Kolar in Karnataka, whether you do it in Farrukhabad in UP, whether you do it in Lalsagaon in Maharashtra – whether it’s potato, tomato and onion, all prices have shown a considerable drop.

Everyone talked about the MSP, let me make a specific recommendation to the Minister on MSP, and I go back to a colleague of ours who used to sit here, he was an inspirational colleague M.S. Swaminathan ji who was a nominated member. There is too much of talk happening on MSP here is a hard suggestion coming from the Trinamool Congress. What did Swaminathan ji say? He said if you look at the Minimum Support Price, how do you calculate this Minimum Support Price?

Let us say you call this C. For want of a better term, you call it C. So you take all the input cost, you take the seed cost, you take the labour wages, you take all the agro prices, you take the insecticides, the pesticides. You put it all together and you call it C. Let’s say that cost is Rs 1,000. Then he suggests, which we agree, the MSP must be C2. So if Rs 1,000 is input cost, you need to arrive at C2 plus all expenses, which is 50 per cent. Then it becomes Rs 1,500. This is a hard number that we are suggesting. We have done it in a different way in Bengal, we have actually paid the farmer’s part of the premium. I do not want to re-elaborate the point which Digvijay ji and Ram Gopal Yadav ji brought up on the insurance and the claims of farmers. In the Fasal Bima Yojana – I’m not saying that this is a problem in Bengal because the state is covering for you – but in the rest of the country, claims paid to farmers is less than Rs 2,000 crore out of the Rs 6,000 crore, and the Agriculture Minister must look at these.

There was no discussion on farmers’ rights. Today there was a lot of rhetoric from the BJP speakers – we will do this, we will do that. But I want to tell you what was done for farmers, and I will be failing in my duty if I do not recall the historic 2006 Singur agitation for farmers. That is truly fighting for farmers rights. A big corporate company like Tata, in association with all the media houses, wanted to snatch away 1000 acres of land from the farmers. Farmers who owned a total of 600 acres were willing to give without being forced but there were farmers owning a total of 400 acres who were not willing to give away their land. Mamata Banerjee along with Trinamool Congress said the land of the unwilling farmers must not be snatched away. So, we all know what happened in 2006 and we all must remember what happened in December 2006. One lady who went on hunger strike for 26 days with only one objective – that was to save the Indian farmers. And that is why we are glad.

Since then, a lot of the land movement has happened, and the way we look at land has also changed. We were saying that in 2006. Everyone was saying that we were making a political point. And then, no less a body than the Supreme Court of India, in a historic judgement on August 31 last year, passed its judgement that the 400 acres of land, which was usurped from farmers, had to be given back to them. And now farming is happening there, and this is not rhetoric.

I thought that is an appropriate moment to make some constructive suggestions to the Government to see how one or two states in India are using models which are different, and to acknowledge the history and the contribution made by the people who have been part of this movement, and not launching either television channels or changing names; because 60 years ago, almost to the day, the film Mother India was launched in 1957. And now we are coming to 2017, when we talk about bullet trains, smart cities, kisan channels… But the life of the farmer is still the same.

Thank you, Sir.

 

Saugata Roy speaks on the issue of suspension of Congress MPs

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Today is a very important day in the country. The new President has taken oath. Your kindness is on test here. Mallikarjun Kharge has already said that you are a kind-hearted lady and it is your intention to run the House properly.

Nobody says that throwing papers at the Speaker is very approvable. You have taken action as per Rule 374 (A); there is a provision in this rule which mandates that even after MPs have been named and suspended for five days, the decision can be withdrawn at any time.

I appeal to you and request you to please reconsider your decision. These young people may have been carried away by emotion and done something. The House is with you, we want you to run the House.

I will also request Mr Ananth Kumar to come forward and move the Motion for revoking the suspension. We are celebrating the swearing-in of a new President; we must show that we are broad-hearted and have the power to accommodate, so that the House can henceforth run peacefully.