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Monday, May 10, 2021

May 1, 1981, Forty Years Ago: Black Money Bonds

After the close of the sale of the special bearer bonds, the Finance Ministry officials could not say till late at night how much black money had been delivered to the banks in exchange for the bonds.

By: Editorial |
May 1, 2021 4:50:56 am
Reserve Bank of India, State Bank of India, Rajiv Gandhi, Finance Ministry officials, indian express forty years ago, indian expressYet it was doubtful if the collection would be anywhere close to the anticipated Rs 1000 crores which the Government had hoped to mobilise.

The last minute rush for “black money bonds” at the special counters of the Reserve Bank and the State Bank of India in major cities on Thursday helped the Government to narrow the wide gap in its expectation and actual realisation of the unaccounted money lying in private vaults. After the close of the sale of the special bearer bonds, the Finance Ministry officials could not say till late at night how much black money had been delivered to the banks in exchange for the bonds. As on April 25, the government had not been able to get more than Rs 203 crore of unaccounted money. But there was a sudden spurt in sales since then and banks were crowded with those bringing large sums of cash. Yet it was doubtful if the collection would be anywhere close to the anticipated Rs 1000 crores which the Government had hoped to mobilise.

Youth Cong For Rajiv

The two-day meeting of the national council of the youth Congress (I) ended on Thursday with the adoption of a unanimous resolution requesting the Prime Minister’s son, Mr Rajiv Gandhi, to enter active politics and lead the Indian youth. The Youth Congress (I) president, Mr Ghulam Nabi Azad, told newsmen after the meeting that “the Youth Congress (I) feels that he (Mr Rajiv Gandhi) has the energy and the capacity to guide the Indian youth.” He said the national council had also accepted an amendment proposed by several members that Mr Rajiv Gandhi should be requested to contest the forthcoming by-election to the Lok Sabha.

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