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Friday, March 05, 2021

January 23, 1981, Forty Years Ago: Bond Controversy

One of the members of Planning Commission feels that not enough homework was done before deciding on the bonds as a measure to clean up black money. In the earlier schemes — for example, the 1976 voluntary disclosures — the Planning Commission was involved.

By: Editorial |
January 23, 2021 3:00:50 am
black money, Planning Commission, Bond Controversy, Finance Ministry, Forty Years Ago, Indian express newsInquires made by the Finance Ministry reveal that even those officials who deal with the subject were not taken into confidence.

The Planning Commission was not consulted on the bonds meant to mop up black money to the tune of Rs 25,000 crore in the country. One of the members of the commission feels that not enough homework was done before deciding on the bonds as a measure to clean up black money. In the earlier schemes — for example, the 1976 voluntary disclosures — the Planning Commission was involved. This time they came to know about the bonds from newspapers. Inquires made by the Finance Ministry reveal that even those officials who deal with the subject were not taken into confidence. The proposal seems to be the brainchild of one official, who, according to his colleagues, “sold a pup to the Prime Minister”. Whether due to secrecy concerns, or some other reasons, there were very little discussions even within the government before the ordinance on bonds were issued.

Akalis Score A Point

Opposition parties forced the Punjab government to abandon the approved programme for the State Assembly and made it agree to a re-convene the business advisory committee for a fresh look at the business to be transacted during the Budget Session. The government decision came after members of the Akali Dal (Talwandi) sat in a protest dharna inside the House for more than an hour, demanding an immediate meeting of the BAC during the first session of the assembly.

PM’s Message

Admitting that the country was passing through a grave economic crisis due to the rise in prices of essential commodities and inflationary trends, Prime Minister Indira Gandhi called on the people to unitedly fight the test which the nation was passing through. She said that the youth deserved more opportunities in nation building and asked them to come out of the grip of anarchist forces who posed a threat by constantly disrupting the country’s law and order.

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