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P. Chidambaram poses 20 tough questions on Rs 6 lakh Cr NMP

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P-Chidambaram

Senior Congress leader and former Union Finance Minister P. Chidambaram on Friday posed 20 questions on the Centre’s proposed National Monetization Pipeline (NMP) intended to ‘monetise’ certain assets and earn Rs 6,00,000 crore revenue over the next four years.

Stating that the government should answer the questions, he demanded to know the NMP objectives and whether it was solely intended to raise the revenues over the next four years.

Referring to the criteria adopted upfront to identify the PSUs that would be disinvested or privatised during the previous UPA government, Chidambaram queried whether the same is the case with the current NDA regime.

Pointing out that for infra projects like roads/highways, a PPP policy already exists, he asked what is the difference, if any, between this (PPP) model and the one that would be adopted by the Centre under the NMP, while addressing the media in the country’s commercial capital.

Moreover, if an asset is ‘monetised’ for 30-50 years, what is the value of the piece of paper that declares the government to be the ‘owner’ of that asset, what kind of asset will be returned to the government at the end of the period or would it be a “fully depreciated asset” worth practically nothing.

“Since the NMP is silent on the subject, will the government stipulate in the contract that the amount of depreciation should be put in a Depreciation Reserve Account which was used only to maintain, upgrade or add to the asset so that at the end of the lease period a valuable asset is returned to the government,” Chidambaram asked.

He also sought answers on whether there will be provision in the contract to prevent asset-stripping by the lessee, the terms included in the Invitation to Bid (ITB) to ensure that the ‘monetisation’ process does not create monopolies or duopolies in that sector, especially to prevent such (monopolies/duopolies) emerging in the ports, airports, telecom and power sectors.

The finance expert queried whether the lessee will manage the current levels of employment and the policy of reservations, or other policies, subject to sectoral regulators, etc., in the ‘monetised’ asset.

Harking to the UPA which identified the Railways as a ‘strategic sector’, he asked what are the other sectors the Centre has identified as ‘core’ or ‘strategic’ that would be kept out of the NMP purview.

“Has the government examined the impact of implementation of the NMP on the prices of goods and services in the sector/industry concerned? What will the government or the regulator do in case prices are increased by the lessee of the ‘monetized’ asset,” Chidambaram demanded.

Referring to the government’s revelation of the expected revenue of Rs 6,00,000 crore in four years, he asked whether the government would shed light on the total capital investment in the identified assets that are expected to yield the aforesaid revenue.

“The identified assets must be currently yielding a certain revenue every year. Has the government calculated the difference between the current revenue (undisclosed) and the expected revenue (of Rs 6,00,000 crore) over a period of four years? If so, what is the difference between the two amounts each year during the four year period,” Chidambaram asked.

On the government’s announcement that the NMP would be co-terminus with the National Infrastructure Pipeline (NIP) that is expected to require Rs 100 lakh crore, the ex-FM sought to know how the Rs 6,00,000 crore over a four year period be sufficient to finance a Rs 100 lakh crore NIP.

Furthermore, he sought an assurance from the Centre that the expected sum of Rs 6,00,000 crore “would not be merged with general revenues or used for general expenditure”.

Chidambaram further posed if the Rs 6,00,000 crore, when released, would not be diverted to partly-finance the fiscal deficit (Rs 5,50,000-crore in 2021-2022) or retiring old debts.

The Congress leader asked if the government floated a consultation paper on NMP, consulted various stakeholders including the workers or trade unions and demanded to know the outcome/minutes of these consultations.

He also asked whether the NMP was discussed in Parliament, and if not, whether the Centre plans to consult the Opposition Parties or debate in parliament.

Chidambaram said that the US is contemplating measures to contain monopolization and unfair trade practices of giants like Google, Amazon and Facebook, China has announced plans to rein in its giant tech firms and South Korea contained the influence of its huge family-controlled business conglomerates.

“Does the government intend to introduce similar measures while implementing the NMP,” Chidambaram asked, saying the Centre “is obliged to answer these questions”, and the media must demand replies from the government.

Crime

CBI court sentences former oriental insurance manager to 3-year jail in bribery case

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New Delhi, Nov 29: A special CBI court in Ahmedabad on Saturday sentenced former Senior Divisional Manager of Oriental Insurance Company Limited, Rajkot, Mahendra A. Loonker, to three years of rigorous imprisonment in a 13-year-old bribery case.

The court also imposed a fine of Rs 1 lakh on the former official.

According to the CBI press note, the case was registered on July 11, 2012, following a complaint by a partner of a private firm.

Loonker, then serving as Senior Divisional Manager at the insurance company’s Rajkot office, had allegedly demanded a bribe of Rs 15,000 to clear an accident insurance claim submitted by the complainant for an injured employee.

“CBI registered the instant case on July 11, 2012 against the accused person on allegations that accused Mahendra A Loonker, the then Sr. DM, Oriental Insurance Co. Ltd., Rajkot had demanded and accepted an illegal gratification of Rs 15,000 from the complainant, Partner of a private company in order to pass the Accident Insurance Claim filed by him regarding the accident and injury of his employee,” the CBI said.

CBI officials arrested Loonker the same day the FIR was filed, after he was found to have accepted the bribe.

Subsequent searches were carried out at his residence and office premises in Rajkot. Investigators later filed a chargesheet on December 3, 2012, against the accused for demanding and accepting illegal gratification and criminal misconduct committed by the accused public servant.

After examining the evidence and hearing arguments from both sides, the court held Loonker guilty and convicted him accordingly.

Meanwhile, the CBI Court in Vijayawada on Friday sentenced a former Railway official to one year of imprisonment in a nearly two-decade-old bribery case.

The court convicted Matta Dharma Rao, who was serving as Assistant Divisional Engineer with South Central Railway in Bhimavaram, West Godavari district, for demanding and accepting illegal gratification from a contractor.

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Crime

No firearms used in Bihar Deputy CM Sinha’s victory procession, clarify police

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Patna, Nov 29: A day after a purported video showed supporters using guns to fire in the air during the victory march of Bihar Deputy Chief Minister Vijay Kumar Sinha in Lakhisarai, Superintendent of Police Ajay Kumar on Saturday clarified that “firecracker guns, not firearms” were used in the celebratory firing.

Vijay Kumar Sinha, who has been elected from Lakhisarai for the fifth time, was welcomed by supporters in a grand procession.

The video circulating on social media alleged that supporters used firearms, triggering sharp criticism. However, the police investigation found the claims to be misleading.

According to SP Ajay Kumar, the device seen in the video was seized and examined by an armourer.

The probe confirmed that it was not a real rifle but a firecracker gun, a device commonly used for fireworks, bird-scaring, and to chase away nilgai and boars that damage crops in the region.

“It poses no threat to life or property,” the SP said.

Locals said that such devices are traditionally used in weddings, festivals, and celebrations involving the fulfilment of vows. After verifying their statements, police released the two youths seen handling the device in the video.

The Superintendent of Police urged the public to verify the authenticity of any video or claim before sharing it online, cautioning against the spread of misinformation.

He reiterated that the firing involved only a firecracker containing gunpowder, not a live bullet.

Following the viral video, RJD leaders were quick to target the Deputy Chief Minister.

From the party’s official X handle, RJD posted, “Fire the bullet, show the double-barrelled gun, intimidate the public – the government of loud speeches has arrived. Now for five years, keep listening to sermons based on stories from 25–30 years ago, because this government is capable of nothing more than this.”

RJD spokesperson Ejaz Ahmed also criticised the administration, saying, “The gunfire that greeted Deputy Chief Minister Vijay Sinha shows the true state of affairs in Bihar. While the Home Minister talks about expelling crime and criminals, the government must clarify what action will be taken against those who created fear among the public with such firing.”

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Mumbai Press Exclusive News

Jogeshwari POCSO case: Accused out on bail arrested again

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Mumbai: A fugitive accused involved in the Mumbai Pisco case has been arrested again by the Jogeshwari police after 6 years. In Jogeshwari, Mumbai, accused Pankaj Panchal, 27, was arrested in 2019 in the Pisco child abuse and exploitation case and was on bail but was absent from court proceedings and had been hiding his identity for the last 6 years. The police received information that the accused had come near the SRA building, on which the police laid a trap and succeeded in arresting the accused from Jogeshwari. The court had also issued a non-bailable warrant against him, after which the police complied with it and arrested him and presented him in the court and the court has sent him on remand. The police are investigating further. This information has been given by DCP Datta Nalawade of Mumbai Police Zone 10.

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