PREVIOUS HOUR

GS-RG/1X/1.00

00 ׻ֵ (֟) : ָ ָ ֲ ֯  և׿ֵֻ  ֮ ׻ߕ ֮ ׻ֲָև֮ ֮ ָ֯ ֮ ׻֋ ֯ ָ ־ã , ֮֯ ֕ כ , ָ ָ߆և ݵ , כ ׻֋ ֱ כ Ù ? ևև , "Allow banks and financial institutions to keep these loans off their balance sheet." ױ , "Reduce lending concentration, improve liquidity and improve access to alternate sources of funding for banks and financial institutions."

, ױ ָ ָ ָ߆և ִ ֮֟ , ևԯ ß ָ ӡ ֮ פ ? ֯ , "Facilitates better matching of assets and liabilities and development of long-term debt market."

, ֕ ָ ֈ ָ ֵ֤ 15 ֻ, 20 ֻ ֤ ״ֻ֟ ָ ׮ֵ mortgage , 25 ֻ, 30 ֻ 35 ֻ , ָ Ù ָ ֕ ꌵ׸ ָ , Ù ִ֬ ֻ֟ , ֯ SARFAESI Act ֵ ִ֬ ֯ ߻ , but with a big question mark. ָ ָֻ֮ ׯֵָ , ֮ ߔ Ù , ꌵ׸ , ꌵ׸ ָ ָ Ù օ ָ ꌵ׸ߕ ָ ִ ֮֟ ׻֋ ָߤ-ײ ׻֋ ֲֻ , ֮֓ ׻֋ ֮֯ ׾֮֕ ? ־ֻ ֣ ֮ ִ֯ ֮־֤ ײֻ ִ֣Ԯ (ִ֯)

ָ (ָ Ϥ) : ֮־֤ ֳ֯ן ߅ ֤ ִֵ ׾ßָ ֮ ֟ ™ և ׻ֵ ֌־ ֱ ֟ ֮֮ߵ ׾֢ ӡ ָ ã֟ ָ ָ ׾֬ ֤ ֙ ָ ß ֟ ׾֬ ֵ֟ , ֮ Ӥٳ֟ ׻ֵ ֮ ֌־ ֡ ײ֮ - ꌵ׸ ״ֻ֟ , ִ ֤ ׻֋ כ ֛ , ֕ ָ ֮ ֵ֮, ֣ ֵ֮, ֻ׌ ׾֢ ӡ ֮ ֟ ׯ֔ פ ߋ ׸ ֵ ߋ ׸ ֻכ ֣-֣ ֛-֛ corporate giants ָ ו ֵօ ד֮ , ߻ ־ ֣-֣ ׸ֵ ֙ ֵ ֵ߅ ׬׸ ד֮ ־ ׻֋ ֌־ ֵ ֻ֟ ֵ, ׸ֵ ֙ ָ כ֙ ײֻ օ ֤ , ֵ ׮ֵ״֟֟ ִֻ ӟ ׾׻ֵ֛ ֵ օ (1և ָ ָ)

-GS-RG/KS-SC/1.05/1Y

ָ (֟) : ָ-ָ ׾֢ ӡ ָ ֮ פ ֵ ֋ ִֻ ֻ֟ ׾ָ֓֬߮ ׻֋ ִ ֕ ׯ֙׻֕ ֻ ֻכ ֯ ֻ , ꮤ , ־ , ִ ׻֋ , ֙ ֵ, ׸ֵ ֵ ֵ ׬ָ ֲ ד֮ ꮤ ׻֋ ֻ֟ ֵ ֙ ׸ֵ ֮ פ ֵ , ӟ ׾׻ִֵ ֮ פ ֵ , ׮ֻ Ͼֻ Ùև ֮ פ ֵ ָ ָ ֮ ־֮֬ ֮֟ ֯ , ָָ , ׻֋ ֮ ָָ , ׻֋ ָ ֮ - ֻ֟ ? ֯ ֮ ׾ָ׬ֵ ֮ ָ ֮֟ ? ֕ ֻ֟ ? ֋ ֻ֯ ׸ ָ , ִ֕־֤ ֙ ׸ ׸ ֮֮ߵ ׾֢ ӡ , Comptroller and Auditor General ֤ ֯ ֵ ׬ָ ד֮ ꮤ ׻֋ , ׸ֵ ׻֋ ֙ ׻֋ ֲ ו , ן ߵ֟ - ߮ ֯ ֛֛ , ן ֛֛ ߵ֟ ֛֛ ֵ ׸, ֣ ־֮֬ ײֻ ֟ և ֤ ֤õ, ׾ָ , ֮ ֯ ֵ ָ ׯ֙׻֕ ׾ָ (ִ֯)

֕߾ ㌻ (ָ™) : ֮־֤ ֳ֯ן , ֲ ӡ ֟ ֬և ײֻ ֤ ו ׸ , ׾֢ߵ ã֋, , ו֮ ֟ , ו֮ ֮ ֟ , ׸ָ ãן և֮ ִ ־֮֬ , ׮׿֟ ָ ָ ؛ ׻֙ ״ֻ ֻ 껵拿֮ ֜ ׻ ־ ߴ֟ ֜ ו ֳ ֻ ׾֢ߵ ãֆ ״ֻ, ׻ ׌ ״ֻ ֕ ֱ ֮־ָ, Ù؛ ִ֮ ײֻ ֵ օ Ù؛ , ִ ־ ֋ , ӿ֮ ӿ֮ ֤ ײֻ ִ֮ ֵ ֵ ֟ ִ ֲ ן ־ ִ ָ-ָ ָ ֟ , ֕ ִִ ָ ׾֢ߵ ãֆ ִõֆ ִ֮ ֛ , ִ֮ ֛ , ׮ ִ ֵ ֵ ? - 꿮ֻ ֈ օ 꿮ֻ ֈ ֱ ֮ ֌׸ ױ֮ ֟ օ ָ ײֻ ִ֬ ß ״ֻ֟ ו 꿮ֻ ֈ ן ״ֻ ֟ ؛ ß ָ ׮׿֟ ֻ ֮ ֓ ֋ ׻ ã ִ֮ ֋օ ֮־ָ, ֯ߋ ֟ ֵ ߅ ߮ ֻ ָ ֯ߋ ֻ ֵ օ ׯ֔ ߮ ֻ , ׾֢ ӡ ֬և ִִ ָ ִ , ו֮ ֕ 68 ָ ׸ָ ֯ߋ , ִ ֱ ֵ ָ ֕ , ׾֢ߵ ֮ ֵ֓ օ ־ ӡ כ ֟ , ָ כ ֛֛ ㇮ כ ו֮ ִ Ӭ ֙ ֟ ו ֕ ֟ ׾֢ߵ ã֋ ִע ֲ ֤ ָ֕ ִע , ִ ָ ֟ ָ ִע ָ 껵㋿֮ ؛ ן ִע , 껵㋿֮ ֜ ֋օ (1-֯ ָ ֟)

MP-TDB/1Z/1.10

֕߾ ㌻ (֟) : ֕ ו ִע ֓ ִ֓ ߴ֟ , ߱ ד֟ 滵 ״ֻ ֋ ֕ ֤ؕ ָ ׻֋ ֮ ָ ִע , כ ־ ײ ևԅ ײֻ ֛ ֵ֤ օ ָ, ־, Sir, securitisation converts illiquid loans or assets that cannot be easily sold to third party investor into liquid, marketable securities. Secondly, securitisation allows banks and financial institutions to keep these loans off their balance sheet, reducing the need for additional capital. This is very important, Sir. They can generate additional capital because it will be off the balance sheet. Thirdly, Sir, it also provides banks or financial institutions with alternative forms of funding risk transfer, new investor base, potential capital relief and capital market development. Apart from that, securitisation can also reduce lending concentration, improve liquidity and improve access to alternate sources of funding for banks and financial institutions. So far alternative sources for funding of financial institutions was a major problem. With the passage of this Bill, that problem will also be resolved. It can also be used to obtain regulatory capital relief or for more efficient capital allocation which is very important and vital thing, as far as the trading and financial management is concerned. Securitisation facilitates attainment of funding at lower cost as a result of isolating the assets from potential bankruptcy risk of the originator. Lower funding costs are also a result of movement of investments from less efficient debt markets to more efficient capital markets through the process of securitisation. It facilitates better matching of assets and liabilities. It also facilitates the development of the long-term debt market. For the investor, it provides diversified pools of uniform assets.

Sir, I think, keeping all these aspects in mind, this is a welcome Bill. Sir, Mr. Ahluwalia has raised certain apprehensions. I think, he should not be concerned about those apprehensions because the hon. Minister is already taking care of those apprehensions. The hon. Member should rest assured that nothing would be done which hampers the interests of the common man, the financial institutions, and the Government banks. The Bill is really going to help the financial health of these institutions and the recovery of the NPAs. It will also help the lenders. So, I would like to request the House to support the Bill. With these words, I conclude my speech and once again, I support the Bill.

(Ends)

SHRI MOINUL HASSAN (WEST BENGAL): Sir, I rise to support the Bill. Actually, Sir, it was an old Act by the name of the Securities Contracts (Regulation) Act, 1956. This is an amended form of the earlier Act of 1956. This Bill was introduced in the House in 2005 and referred to the Standing Committee. The Government accepted all the recommendations of the Standing Committee. This Bill has now again come to the House incorporating the recommendations of the Standing Committee. The question is, what was the need to amend the earlier Bill of 1956? It would say that the basis of the amendment is, the potential of the market, international trends, consultations with major institutional participants and market experts. So, these are the things which have necessitated the amendment of the earlier Act which was passed by the Parliament in 1956. So, in this perspective I would like to support this Bill. This Bill will allow the banks and financial institutions to keep these securitised loans off their balance sheet, -- it has already been mentioned by my other colleagues -- thus reducing the need for additional capital along with giving them an alternative form of funding risk transfer, a new investor base and potential capital relief.

(Contd. by 2a-kls)

KLS/2A-1.15

SHRI MOINUL HASSAN (CONTD): Sir, everybody knows that securitisation is a form of financing, involving pooling of financial assets and the issuance of securities that are re-paid from the cash flows generated by the assets. This is generally accomplished by actual sale of the assets to a bankruptcy-remote vehicle, that is, a special purpose vehicle, which finances the purchase through the issuance of bonds. These bonds are backed by future cash flow of the asset pool. The assets for securitisation transactions include mortgages, credit cards, auto and consumer loans, student loans, corporate debt, export receivable and off-shore remittances. These are the main things dealt with by the said Bill. I suppose it is very much required for the present economic scenario of the country. Actually, Sir, in order to get protection from insolvency, it is very much required. I will not take much of your time but there are one or two points, which I would like to submit. Mr. Ahluwalia has already mentioned those things, that is, credit card and student loan. I suppose that so far as credit card system is concerned, there is no monitoring system in the country. Those who are giving credit card to us give us the authority to get loan against that credit card. It can be taken by any citizen. But what is the rate of interest? Sometimes this rate is more than two-and-a-half per cent per month and sometimes it is two per cent. Actually it is going up to 34 to 36 per cent per year. There is no monitoring system. So, I would like to suggest to the hon. Finance Minister who is here to do something in this regard. Actually, credit card is not a luxury today. It is very much needed by middleclass. It is very much required by them as we require it. It is a very essential instrument provided to a section of the people of the country. The second thing is about student loans. We are popularising the student loans among the common masses. The students belonging to wretched families, they cannot even reach the threshold of banks to get student loans in a soft manner. So, I would request that in this perspective the matter may be looked into and with these words, I would like to conclude my speech. Thank you. (Ends)

SHRI P.G. NARAYANAN (TAMIL NADU): Mr. Deputy Chairman, Sir, I thank you for giving me this opportunity to speak on this Bill. This Bill was initially introduced in the Lok Sabha and then it was referred to the Standing Committee on Finance for examination and report. The Committee presented its report in Lok Sabha recently. The Committee recommended a modified approach for regulation and development. The Government after having examined the recommendations of the Committee on Finance withdrew the original Bill, which was introduced earlier and moved a revised version, which is the Securities Contract Regulation Amendment Bill. Sir, securitisation is a form of financing that can be repaid from the cash flow generated by assets. Sir, normally banks give mortgage of housing loan, automobile loans, credit card outstanding loans, and students loans to different individuals.

(Contd by 2B/sss)

-KLS-SSS/2B/1.20

SHRI P. G. NARAYANAN (CONTD.): Banks need to have adequate money in order to finance further loans to facilitate this. This Bill provides a mechanism. This mechanism enables banks to pool various types of loans and issue bonds which are called Securitisation Certificates. They have been permitted in India through the National Housing Bank Act and Securitisation and re-construction of financial assets and enforcement of Security Interest Acts. But the security contracts regulation does not recognise it so far. So, therefore, they cannot be traded on the stock markets. This amendment Bill includes these types of Securitisation Certificates in the definition of securities. So, after the Bill is passed the security certificates can also be traded in the stock markets. This is the provision in the Bill. So, there is nothing controversial in this. I support this Bill. (Ends)

SHRI P. CHIDAMBARAM: Sir, I am deeply grateful to the hon. Members. This might appear to be a highly technical issue, but it is not. As the last speaker mentioned, while the language is very technical the underlying concept is quite simple, where a loan is granted to a borrower. As far as the lender is concerned it is an asset in his hand. If a loan is a seven-year loan, the asset has to remain a performing asset for seven years. If it is a twelve-year loan, the asset has to remain a performing asset for twelve years. There are risks. Secondly, if the lender gives a hundred crores for a period of seven years then that 100 crores is blocked for seven years. The asset that he has, namely, a document under which the borrower agrees to repay him which secures the loan is an ill-liquid asset. So, world over, what has happened is, new instruments have been developed to make ill-liquid assets liquid and to reduce the risk of long-term lending. Once ill-liquid assets are made liquid then the lender has more money to lend. The way that has been found to deal with this issue of making ill-liquid assets liquid and to reduce the risk for the lender is to invent an instrument called a security and, then, securitise it and sell it to others. What really happens is, instead of the risk remaining entirely on the lender, the risk is now distributed to any number of people who buy the securities. I think, all hon. Members have spoken this issue and have understood the basic concept. I do not have to explain it in great detail and this is an instrument available widely throughout the world and we are trying to introduce it. In fact, we made a beginning with amending the National Housing Board Act. The Housing Board aggregates its mortgages and issues securities against the mortgages and spreads the risk to others and makes what was originally an ill-liquid asset into a liquid asset. That market has not taken off. NHB has had some success but in the absence of active trading, an active debt market, an active trading in securities in a debt market, NHB has only been able to register partial success. (Contd. by NBR/2C)

-SSS/NBR-NB/2C/1.25.

SHRI P. CHIDAMBARAM (CONTD.): We also provided for it in the SARFAESI Act. In fact, the SARFAESI Act recognizes securitization. In fact, "S" in SARFAESI stands for 'Securitization.' So, this is not a new concept. It is a concept that is prevalent throughout the world. We made a beginning with the NHB Act and the SARFAESI Act. And, now, we want to take it forward. That is why we are bringing this Bill.

I must also say that this is a good example of how a Standing Committee of Parliament can add a great value to a Bill. This Bill is a good example of how Standing Committee, after taking evidence from the SEBI and others, help the Government to improve the Bill. That is why we have withdrawn the old Bill and introduced this new Bill, rather than making too many complicated amendments. We have accepted the Report of the Standing Committee in toto. The first three recommendations of the Standing Committee have been accepted and the amendments are being made to that effect. The first recommenda-tion was that the instrument shall be approved by the SEBI. The Standing Committee said that this should be based on disclosure-based instrument. We have accepted that, like any other security. When it was done through a public offer, the document has to be approved by the SEBI. The second recommendation was, as I said a little while earlier, it should be a disclosure-based regulation. We have accepted it. And, the third recommendation enable the SEBI to govern the issue and trading of securitize instruments by regulations. And, we will make consequential changes to two other provisions. That has also been accepted. Therefore, we have changed the structure of the Bill and we are accepting the recommendations.

What will happen is, we will create an active securities market. These securities will be traded. Banks will buy these securities. Of course, other financial institutions will buy these securities. The FIIs will also buy these securities. Retail investors also buy these securities. As people gain experience in dealing with securities, I expect a very large market in securities to be developed. Sir, since these securities can be listed abroad also and when the securities are listed abroad, investors abroad will also buy these securities and, to that extent, the risk that is confined to India would spread to other countries and our risk is minimized and other investors, who have faith in the Indian market, will share the risk and that is good for the country. All kinds of loans, all kinds of assets, all kinds of receivables can, indeed, be securitized. Regulations will be framed by the SEBI about eligibility, about conditions, about investment, etc. All these will come under regulations. Now, how this market will develop, which loans will be securitized first, which receivables will be securitized first, I cannot say. It depends upon how inventive, how innovative origination of a security is and what appetite it has in the market. I would assume that mortgage-backed securities will have a ready market, because there is physical asset behind that. I would assume that loans given against immovable property will have good securities market. Some other securities may take sometime to develop. So, these are the things which we will have to leave for the market. I am confident that once securities are recognized to include all kinds of loans, all kinds of receivables, we create an active securities market. We allow for these securities to be traded, allow for the risk to be spread, allow for illiquid assets to be converted into liquid assets then the market will develop. Take for example, the asset management companies. When the first Asset Reconstruction Companies were floated, the market was a very nascent. It took sometime to develop. But, today, it is a very active market. There are ARCEL and other asset reconstruction companies which are willing to buy bad debts, reconstruct it and sell it, so that illiquid assets become liquid. This is the way more capital is developed for the market. This is the way more capital is provided for the economic activity. And, Mr. Hassan, rightly pointed out that when the structure of economy is changing, it requires all kinds of financing and innovative instruments. These instruments are required. And, that is why, broadly, everybody has welcomed these instruments. (CONTD. BY USY "2D")

-NBR-USY/1.30/2D

SHRI P. CHIDAMBARAM (CONTD.): Sir, as far as specific questions are concerned, my friend, Ahluwaliaji, continues to live under the shadow of the original IPO scam. Nobody disputes that the original IPO scam was a very bad development to the Indian market. But the market has developed a great deal. More regulations are in place. There is a more vigilant regulator which has gained experience. I doubt that a scam of that kind can occur now. I don't think we need to worry too much about the scam that occurred 15 years ago. A scam of that kind cannot occur now. Far more great, far more vigilant, far greater, far stronger regulations are there today. So, I don't think that will happen again.

Hon. Member, Rajeev Shuklaji, asked about the net NPAs. My colleague had disclosed this to Parliament the other day. The net NPAs of the public sector banks, as on 31.3.2007, were the lowest ever, that is, 1.18 per cent. Our goal is to push it to below one per cent. I am confident, by the end of this financial year, we will take it to below one per cent.

SHRI S.S. AHLUWALIA: What is the amount?

SHRI P. CHIDAMBARAM: See, the amount will look large. But the total outstandings are larger. That's why the proportion is 1.18. There is no country in the world with a net NPA of zero. (Interruptions) No; no, both. Absolute amount of the NPAs has come down. And, as a proportion of net outstanding has also come down. Figures are available, but not readily. I remember this figure of 1.18 because...(Interruptions) Last year, in 2006-07, the recovery has been 68,000. I remember this figure of 1.18 because I have used it on many occasions. Last year, I was using the figure of 1.30. This year I am using the number of 1.18. It is the lowest ever NPA. Our public sector banks are much stronger today. That's why they are able to lend much more. They are financing a much larger part of the GDP.

Sir, there was some complaint about the credit cards and students' loan. I think a couple of weeks ago, the RBI had issued revised guidelines for credit card issuing companies. I will send a copy of the guidelines to Mr. Hassan. It will take some time for these companies to comply with these guidelines because once new guidelines come, it takes some time. There will be some aberrations. There will be some violations. I am not disputing that. That's the way people function. But we will take action if they persistently violate these guidelines. The RBI has issued some guidelines and I will send a copy of that to you. So far as students' loan is concerned, five years ago, nobody spoke about students' loan. Today, we are talking about students' loan. That itself is progress. That itself shows that students' loans are being given. (Interruptions) Just a moment. I will answer. I know your question. (Interruptions) That itself shows that there is a greater consciousness that people are entitled to students' loan. The last number I have is, nine lakh students have been issued students' loan. The outstanding amount is Rs. 12,000 crores. When this Government came into office, it was about Rs. 4,000 crores. It has trebled in three years. But that does not mean that every student has got a loan. It means that every student who gets a loan...(Interruptions) Wait! Wait! Wait! Out of ten students, there is perhaps a student who deserves a loan but has not got it. But four years ago, five years ago, ten years ago, nine of the ten students did not get loans. Maybe, today, two out of ten students do not get loans. But, at least, eight out of ten are getting loans. These numbers don't lie. The number of students' loan has multiplied multi-fold. The amount of students' loan has also increased manifold. But I have said publicly and I have repeatedly said if there is any student anywhere in India, who satisfies the criteria, does not get a loan, all I want of him or her to do is to send me a postcard saying, "I went to this bank. I asked for a loan and I have not got a students' loan." I have a system in my office which tracks down every single complaint on students' loan. Please don't send me complaint of every loan. I am only talking about students' loan. I am only talking about students' loan. I have taken personal responsibility of the students' loan. We are personally monitoring students' loan because I believe that every boy or every girl is like our own son or daughter. If our son or daughter is qualified to get an admission into a college and he or she cannot pursue his or her study because he or she does not have money, how bad will we feel? That's how every parent will feel. I have taken it as a personal responsibility. Just please send me a postcard mentioning name of the student and the name of the bank. That's all I want and I will take action.

(Contd. by 2e -- VP)

VP/1.35/2e

SHRI SU. THIRUNAVUKKARASAR: Sir, one minute. ..(Interruptions)..

MR. DEPUTY CHAIRMAN: He has given an assurance. ..(Interruptions)..

SHRI SU. THIRUNAVUKKARASAR: I appreciate the Minister. What he has said is correct that lot of students are getting loans. But, at the same time, if students of professional courses like MBBS or students going abroad want loan of Rs. 7, 8 or 10 lakhs, or something like that, then banks insist on giving guarantee or collateral.

SHRI P. CHIDAMBARAM: Yes, that is true. ..(Interruptions)..

SHRI SU. THIRUNAVUKKARASAR: And, those who cannot give it, are not able to get the loan. ..(Interruptions)..

MR. DEPUTY CHAIRMAN: He will clarify that. ..(Interruptions)..

SHRI P. CHIDAMBARAM: Sir, up to Rs. 4 lakhs, there is no collateral. Ninety per cent of the loans are up to Rs. 4 lakhs. There is no collateral for that. Only the father, the mother, along with the student, have to sign. There is no collateral. Above Rs. 7 lakhs or something like that, I do not remember the figure off hand. ..(Interruptions).. Up to Rs. 7 lakhs there is no collateral. There is a collateral above Rs. 7 lakhs. There is a collateral for foreign studies, which is above Rs. 15 lakhs. But, I cannot now say that a Rs. 15 lakh loan should be without a collateral. It is very difficult for me to tell this to banks. What will happen is.. ..(Interruptions)..

SHRI C. PERUMAL: Sir, only one second. ..(Interruptions).. I raised this matter on an earlier occasion also in this august House. The Minister wrote a letter to me, and he wrote a letter to the concerned banks also. I took the letter along with me, and took the students also. Even then, they did not consider it. ..(Interruptions)..

MR. DEPUTY CHAIRMAN: You bring it to the notice of the hon. Minister. ..(Interruptions)..

SHRI C. PERUMAL: They are asking for a collateral security. ..(Interruptions).. It is true.

SHRI P. CHIDAMBARAM: This is a guideline that has been worked with the IBA. Above a certain limit, collateral is, indeed, asked. It will be completely wrong on my part to tell the banks to lend Rs. 15 lakhs without a collateral. Up to a certain amount, there is no collateral. Above a certain amount, there is a collateral. Let us see our experience of what is the recovery on these loans, and, then, we can see whether we can relax these guidelines. I am not making a promise that any loan or any amount should be without a collateral. I am sorry, I am not able to make that promise to you. ..(Interruptions)..

SHRI SU. THIRUNAVUKKARASAR: For, students who are studying MBBS, do you know what is the fees there? ..(Interruptions).. They have to pay Rs. two-and-a-half lakhs per year. ..(Interruptions).. For five years, it will be around Rs. 12 lakhs. ..(Interruptions)..

SHRI P. CHIDAMBARAM: There is no difficulty for MBBS in India. For MBBS in India, the loan is released every year. There is no MBBS course in India where the fee is more than Rs. 7 lakhs a year. Every year the fee is released. If you are asking the money for something else, some other professional.. ..(Interruptions)..I cannot help. ..(Interruptions)..

SHRI SU. THIRUNAVUKKARASAR: They do not sanction money at one go. ..(Interruptions).. Every year they are disbursing it. ..(Interruptions).. When they sanction the amount, they insist on collateral security. That is the problem. ..(Interruptions)..

SHRI P. CHIDAMBARAM: Send me the example. Give me an example. We will look into it. Within the guidelines, there is no collateral.

Hon. Members, Shri Rajeev Shukla, and Shri Amar Singhji raised issues that have nothing to do with this subject. He was talking about crony capitalism. I thought my reputation is; I have neither friends nor enemies in the corporate sector. I have neither friends nor enemies in the corporate sector. These cases which have been reported in the newspapers relate to assessment years 1998-99, 2000-01 and 2002-03. You know, everybody knows that when a CAG paragraph is there, immediately, Section 147 notice is issued. In all these cases, Section 147 notice has been issued, and assessments are being reopened. There is no friend. There is no enemy. Let me say that I have no friends and no enemies in the corporate sector in these matters.

He mentioned one other case. I am happy to report that we have succeeded in the Tribunal. The matter is pending in the High Court. He referred to it obliquely on 2nd May. The Government has succeeded in the High Court also. Therefore, we have defended those cases. We have succeeded in the High Court also. Now, if they go to the Supreme Court, we will have to fight the case in the Supreme Court also. There is no crony capitalism in the UPA Government. Nobody need regard himself as either a friend of the Government or as an enemy of the Government. This Government, in matters relating to finance, would be absolutely scrupulous and will observe financial prudence and scruples. We will not favour anyone. We will not disfavour anyone. (Ends)

MR. DEPUTY CHAIRMAN: The question is:

That the Bill further to amend the Securities Contracts (Regulation) Act, 1956, as passed by Lok Sabha, be taken into consideration.

 

The motion was adopted.

MR. DEPUTY CHAIRMAN: We shall now take up clause-by-clause consideration of the Bill.

Clauses 2 to 5 were added to the Bill.

Clause 1, the Enacting Formula and the Title were added to the Bill.

SHRI P. CHIDAMBARAM: Sir, I beg to move:

That the Bill be passed.

The question was put and the motion was adopted.

(Ends)

(Followed by PK/2F)

 

PK/PSV/1.40/2F

MR. DEPUTY CHAIRMAN: Now, we shall take up the Central Road Fund (Amendment) Bill, 2007.

THE CENTRAL ROAD FUND (AMENDMENT) BILL, 2007

THE MINISTER OF SHIPPING, ROAD TRANSPORT AND HIGHWAYS (SHRI T.R. BAALU): Sir, under section 10 of the Central Road Fund Act, 2000, the Central Government is responsible for allocation of 50 per cent of the cess on high-speed diesel oil for the development and maintenance of national highways, rural roads, State roads and construction of roads over or under railways.

The allocation under section 10 is utilised for providing all-weather connectivity to rural habitations through Centrally Sponsored Scheme 'Pradhan Mantri Gram Sadak Yojana', which is being administered by the Department of Rural Development, Ministry of Rural Development. Under this, a target has been set to provide road connectivity to all rural habitations having a population of 1,000 and above ( 500 and above in hilly and tribal areas) by 2009. This will require an investment of about Rs.48,000 crores. To bridge the funding gap, it has been decided to borrow Rs.16,500 crores over a period of four years.

The Central Road Fund Act, 2000, does not have any provision for borrowing for rural roads and utilisation of the proceeds of future cess for repayment of loans. The Central Government has to take such measures as may be necessary to raise funds for the development of rural roads, and it may use the share of the fund for the repayment of any loan taken for the purpose of development of rural roads in any State or Union Territory. Therefore, the Central Road Fund (Amendment) Bill, 2007, seeking amendment to the Central Road Fund Act, 2000, has been passed by the Lok Sabha.

I request that the Bill to amend the Central Road Fund Act, 2000, as passed by the Lok Sabha, be taken into consideration. (Ends)

The question was proposed.

׻֟ ֟ (֕ã֮) : ֳ֯ן , ֮֮ߵ ӡ ߵ ֛ ׮׬ ׬׮ִֵ, 2000 ӿ֮ ׾֬, 2007, ß , ׾ָ ׻֋ ֛

֮֮ߵ ֳ֯ן , ֲ ָ֮ ׾ ִ׮ֵ - ֮, ײֻ֕, ֣-֣ ֛ ׾, ִ֬

(ֳ֬ ( ϟ֯ ) ߚ߮ )

׾ ϳ׾֟ ֛ ֟ ֮ , ׾ ֬ ֮ ֳ ֿ֮段 ֮ ֟ ֛ , ֣ և؛ ׻֙ , ã֮ ָ ׾ ן ֱ ߾ ֟ ֟ ֻ֟߮ 000 ָָ ִ, ֣ ֮ ׻֋ ֛ ׾ ֳ ִֵ --֤- ֵ֜օ ֤ ָ֮ ִֵ ֮֜ ׻֋ ֮ ϵ֟ , ߵ ֛ ׮׬ ٿ֟ ׸ִ , ו ָ 2000 ׾֬ ֵ ֵ օ (Contd. By 2G/KLG)

2G/klg/1.45

׻֟ ֟) : ֳ , ֕ ֳ օ ִ ӿ֮ ֮ ׻֋ ֕ ӡ ֤ ã֟

ֳ֬ , ֯ ֱ ߵ ֛ ׮׬ ן š״ ֮ ֮ 1929 օ ֤ ֮ ӟ ã ֛ ߅ - ִ ָ֮׿ ס֟ և, ו Ԯ ״ֻ֟ 1977 ֲ ֮֟ ֮ ֵ, ִֵ ֤ ß־ ֵ ֵ ָ 3.5 ן ׻֙ ֛ ׾ ׻֋ ׮ִ ֋ ֤ þ ֕߾ Ӭ Ϭִ֮ס֟ ֻ 1988 ß־ ֤ ֵ ֵ, ו ָ ֵ ߕֻ ָ 5 ןֿ֟ և ֋ ָ ß־ ׾׳֮ ã֮ ָ ִֵ-ִֵ ָ ֟ , ֱ ֕ ״֟ , ֵԮֵ֮ ™ օ ָ 2000 ߵ ֛ ׮׬ ׬׮ִֵ ִ֮ և, ו ֤ օ

ֳ֬ , ׬׮ִֵ š״ ׮־ ݵֻֿ 1990 1992 1993 1998 ֲ ֕ã֮ ָߵ ֮֟ ֙ ָָ , ִֵ ֻ, ֟ ֻ ߛ ӡ ״ֻ ֮ ֮ ֛ ׮׬ ׮ִ , וִ ׾ָ֓ ׮׬ ֱ ϟ Ӿ ־ã ֲִֵ֨ ָ ָ ׾ָ֓ ֮ ִֵ օ ׮־ ֚ ֻ ֵֻ ֻ֮ և, Ù և, ӟֻٕ ֛, ִ ֛, ֲ ׻֋ ֲִֵ֨ ן ׮ִ ִֵ ֮ ߮ ׮֬׸ ִ Ù և և- ׮ִ ߆ ִ֬ ֵ ֋, ԟ ׮־ ֋, ֋, ײֻ ָ֯ ָ֮֯ , ִֵ־׬ ׻֋ ׮׿֟ ֋, ׮ִ ֋ ߆ ׮ִ ֕ã֮ ָ וֻ ֕ã֮ ָָ ָ ֵօ ָ ֛ ׮׬ ן ֮֟ ִֵ ִֵ ™ߵ ִ֕ , -خ ִ, خ ִ, ָ ־ ָײΕ ִ, ߆ ָ֬ ָ ֵ օ ָ ֵ֮ ִ ֛ ӟֻٕ ֛ ׮ִ ׻֋, ָ֮׿ ֲֻ ֮ ׻֋ ߕֻ, ײ ָ ָ֕ ןֿ֟ ֵ ֋ ׮־ , ֻ ֋ ָ ָ֮, ִֵ ֯ ֻ ׸ ׾ֳ , 2/ ָ

aka-skc/2h/1:50

׻֟ ֟ (֟) : ֮ ָ֟ ֲ ִ , ִ ָ ֛ ן ֕ã֮ ׮ٴ֟ , 1990 1998 ߓ , ֜ ֜ ֤ ִ ָ ֮ , ֮ ִ ӿ֮ օ ֕ ׮ִֵ ־ֿ ӿ֮ ֯ ֛ ן ֮֜ ׻֋ ֛ ׮׬ ֱ ִ ִ ֛ ֮֮ ׻֋ ֜ ֻ ֵօ ݵֻֿ օ ִֵ ָ֟, ָ™ , ָ֟ ִ , ִ ԤԮ 2000 ߵ ֛ ׮׬ ׬׮ִֵ և ևԅ ֮֮ߵ ֳ֬ , ׮־ ֕ ָָ ׳֮ ִֵ ׮׬ ֕ã֮ ָָ 45 ֋ ֵ , ָ ׮ֵֿ , օ ׮׬ DRDA ֱ, ֛ ׮ִ ֵ , ֙ ֛ ׮ִ ֵ֜ ֋, ָ ϵ֟ օ ֟ NDA ָָ 2000 ׻ֵօ ֛ ׮׬ ָ ß֮ 6 ֋ ֻײ ֯ ԅ 50 ןֿ֟ ִ ֛ ׻֋ פ ֮ օ ֤ Ϭִ֮ӡ ִ ֛ ֮ ևԅ ߴ֮ ײָ ֕֯ 韾 NDA ָָ ִ Ϭ֮ ӡ ֮ ֣ þִ ֟ԕ ֮, ™ߵ ִ֕ 4 خ, 6 خ ֵ ֣ ׻ֵօ ו ִֵ ֵ ׻ֵ , ִֵ ׾ָ֓ ׻֋ ֋, ֕ ָ֟ ™ߵ ִ֕ ֮, 4 خ 6 خ ֮ , ֿ֟ ֛ ָ ָׯ֓ㆻ ִ֬ ֛ ׮ִ Ӭָ ֵ þ֯֟ ֵ , ׻֋ ָָ ־ֿ , ָ ãן ָ և ֯ ׮־ ֮ ִֵ ֋ , ֕ ֮֯ 2009 ןף ֵ , ֕ã֮ , ֮ ָ֟ ֻ , ׻֋ ָ ֲ֤ ϟ Ӿ ֮־ , פ , ֛ 500 ֲ֤ Ӿ פִָ, 2007 ãן ֋ ־ֿ ֛߅ ֟ ׻֋ ׾ָ֓֬߮ ֛ ׮׬ ӿ֮ ֵ ֵ , ו ӡ ו , ָ ֮ ߮ 2009 ֳ ִ ־ , ָ ֲ֤ ß֮ , ֮־ , ־ԟߵ , 500 ֲ֤ , ׌׾֙ ָ 48 ָ ֋ ־ֿ , ֮ Ù ٟ ׻֋ ӿ֮ ֋ ָ ׬ 16,500 ֋ ָ ־ֿ ֟և ֮ ׾֢ߵ ֮֯ ־ֿ 48 ָ , וִ 16 ָ ֋ , , և ïߛ ߕ̻ ָ, 9 ָ ֋ ִ֤ ׾ ֣ ׿ֵ֮ ִֻ֯ 23 ָ ֋ ֲ֛ ֣ ™ߵ ... ('2j/sch' ָ ָ)

SCH/1.55/2J

׻֟ ֟ (֟): ָ ؾ֛ ֮ ָ ֻ ׬ 16,500 ֵ ָ ׮ֵֿ ֳ֬ , ֯ ִ֬ ֮֮ߵ ӡ ׮־ , ׾ָ֓ 48,000 ֵ ֿ , וִ 16,000 ֵ , 9000 ֵ ׾ ֯ , ״ֻ ֋ 25,000 ֵ ֤ ױ 23,000 ֵ , 16,500 ֵ ָ ֟ , ױ 6,500 ֵ ֋? ָ 23,000 ֵ ־ֿ ָ ֤ 6,500 ֵ ֋? ־ã ׮׿֟ ָ ָ֮ ֣Ԯ ׮׬ ָ , ֮ ֕֋, Consulted Fund ׿ֿ ׮־ ׻֋ ׾ָ ׻֋ ֛

ָ 16,500 ֵ ָ ׻֋ , ֮֟ ӿ֮ ֮֟ ߵ ֛ ׮׬ ׿ ֯ , ָ ֯ ָ֮׿ ָ ֋ ָ ֛ ׮ִ ָ ֛ ֮֋ , ?

֮֮ߵ ֳ֬ , ֮֋ ֻ 2009 2,00,000 Ӿ ׻֋ ֛ ֓, ֟ 2009 ָָ ָ ָָ ֋, ָ ֻ 2009 ׾֟ 2009 ֤ ֻ֮ ָ ׾ ׻֋ ָ ֛ ִ׮ֵ ִ 2,00,000 ־ և ן-ן ֮֜ օ ָ ֮֜ ׮׿֟ ׾ָ֓ ־ֿ פ ֯ ֵ֤ ֯ , ױ ׮ִ ?

, ֟ ӿ֮ ָ֬ ָ ֯ ״֟ ׬ָ , ה , ִ֮ פև , it is dormant ..(Interruptions)

֮֮ߵ ֤õ: ױ ֟և

׻֟ ֟: ֮֟ ӿ֮ ׻֋ ߵ ָָ ֕ ӑ ֕ ִ ֛ ϵ֣֮ ׻֋ ֋ ָ ߯ ׻֋ Enabling Provision ֲֻ ׻֋ ׬׮ִֵ ӿ֮ ß־ ß־ ߵ ָָ ߯ ׻֋ ״֟ ׬ָ

֕ ֯ ָ ׻֋ 16,500 ֵ ׬ָ ֮֯ ׬ָ ׻ֵ, ױ ֮ ֤ ֮ ֤ ֯ ֮ ָ ? ֮ ׻֋ ? ׻֋ ֯ ֤ ֮ ־ֿ ֛, ֮֟ ֮֟ ־ֿ ֛, ֤ ׾ ־ֿ ֛, ָ ֯ ״֟ ׬ָ , ו ״֟ ׬ָ ָ Ù 껛 , ֟ ֟ ִ ֛ ֛ ׮ִ ׻֋ ֮ ׻ֵ ? ֮ ׻ֵ ? ָ ֟ ן ֮ ֤ ֳ ֮֮ߵ ֤õ ׮־ ӿ֮ ֮ ִ֬ ә ״֟ ׬ָ , ו ָ ֲ ֣ ָָ ֤ ָָ ֋, ׬ָ , 2K/MCM ָ ָ

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