Wednesday, December 2, 2020
Home News Reports Rahul Gandhi says NYAY will be funded by amount recovered from bank loan defaulters,...

Rahul Gandhi says NYAY will be funded by amount recovered from bank loan defaulters, which actually belong to depositors

Rahul Gandhi also said that taxes will not be raised for NYAY, contradicting his own advisors

There is no end to proposed sources of fund for Congress party’s minimum income guarantee scheme or NYAY. After the advisors of the party claimed that the scheme will be funded through rising tax and inflation, today Rahul Gandhi proposed a new source of fund for the scheme.

While participating at a student interaction event in Pune, Rahul Gandhi was taking questions from students gathered there. One of the students asked the Congress president how the NYAY scheme will be funded. To this, Rahul Gandhi replied that the scheme will be funded by money recovered from loan defaulters.

Rahul Gandhi said, “have you heard of a man called Nirav Modi? have you heard of a man called Mehil Choksi? Vijay Mallya? And the best of them all, have you heard of a man called Anil Ambani? Anil Ambani was given Rs 30,000 crores, Mehul Choksi Rs 35,000 crores, Vijay Mallya Rs 10,000 crores”. Then he asks, “how many jobs has Anil Ambani given this country, how many jobs has Nirav Modi given this country? 3 lakhs 50 thousand crores is the amount of money that was forgiven to the 15 richest businesspeople in this country”.

Rahul Gandhi added that Anil Ambani’s Rs 45,000 crore loan was written off, Nirav Modi ran away to London after taking Rs 30,000 crore and nothing happens to him. While the loans of students and farmers are not forgiven. He said, “there is no shortage of money in they system, the money will come from Mr Anil Ambani, the money will come from the people who have dominated the banking system, and not given anything in return, crony capitalism.”

The Congress president also said that later on the scheme will fund itself, as when people get Rs 72,000 per month, they will spend it, thereby kickstarting the economic activities in the country. He alleged that the economy is stagnant at present. He assured that taxes will not be hiked to fund the scheme, and money will not come from the middle class.

Rahul Gandhi’s explanation about funding the scheme means that the NYAY scheme will be funded by money recovered from loan defaulters. But that is a highly questionable proposal from the Congress party, as money owed by various loan defaulters do no belong to the government. The amounts of bad debt belong to banks and creditors, and when that money is eventually recovered, that will come to banks and creditors, not the government exchequer.  And the money lent by banks actually belong to depositors, but Rahul Gandhi is proposing to use that money to fund the Congress party’s pet scheme. This means, although he said that money will not come from the middle class, he is proposing to use the money that is owed the middle-class bank depositors for funding the NYAY.

Nirav Modi and Mehul Choksi owe money to Punjab National Bank, Vijay Mallya and Anil Ambani’s Reliance Telecom owes money to consortiums of various banks and suppliers. Rahul Gandhi proposes to recover such money stuck in bad debt, but instead of returning the money to the lenders and vendors, he is proposing to use that money to pay Rs 72,000 per month to 5 crore families.

While talking about the scheme, Rahul Gandhi also contradicted his own advisors for the scheme. Just a day ago, Gandhi family loyalist and Rahul Gandhi’s advisor Sam Pitroda had said that NYAY scheme will have to be funded by raising taxes for the middle class. He has said that middle class should not be selfish, they should have a ‘big heart’. In today’s event, Sam Pitroda was also present, and Rahul Gandhi said in his presence that taxes for the middle class will not be raised to fund the scheme.

One of the advisors of the NYAY, economist Abhijit Banerjee had also said that taxes will have to raised and ‘inflation tax’ will have to be reintroduced to fund the scheme. ‘Inflation tax’ means, when government spends more, the inflation rises, which means the value of money at the hand of people goes down. That reduction in value of money is known inflation tax, although it is not a real tax that people have to pay directly, it is an indirect form of tax. But now Rahul Gandhi is saying that the entire NYAY scheme, which will cost Rs 3.60 lakh a year, will be funded from money recovered from ‘15 richest businessman in the country’ and taxes for middle classes will not be increased.

Rahul Gandhi also lied about no action being taken against loan defaulters and bank fraud criminals. Vijay Mallya’s extradition from the UK is in final phases and assets worth more than his loan amount has been already attached by the law enforcement agencies. Proceedings against PNB bank fraudsters Nirav Modi and Mehul Choksi are also going on. And while Anil Ambani’s Reliance Telecom owes money to creditors and vendors, the government has not shown any leniency towards the company. Recently Anil Ambani was about to be arrested for failing the dues to Ericson, he was rescued by his elder brother Mukesh Ambani who paid the due amount at the last moment. Reliance Telecom is trying to sell its spectrum and other assets for repaying the debt, and has filed for faster resolution through National Company Law Tribunal.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Even pandering doesn’t get India Today a free pass: Here is why ‘liberals’ are today cancelling Rajdeep and Rahul Kanwal

'Liberals' are cancelling India Today, Rajdeep Sardesai and Rahul Kanwal over their coverage of the allegations against Shehla Rashid

Raut gives bizarre analogy trying to defend party after Azan row: Here are 4 things that he could have meant

Sanjay Raut came up with an absurd analogy in Shiv Sena mouthpiece Saamana to ward off criticism over azaan recitation competition

The return of ‘Award Wapsi’: As farmers protest continue, former Punjab sportspersons want to return awards

Punjab sportspersons have claimed that they will go to Delhi on 5th December and put their awards outside Rashtrapati Bhavan

Indonesian radical Muslims change words of Azan from ‘hurry to the prayer’ to ‘rise up for Jihad’: Here is what happened

A verse of the chant, which originally means “hurry to the prayer”, has been changed to “hayya alal jihad”, or “rise up for jihad” in Azan

Kangana Ranaut served legal notice for mistaking an elderly woman in farmer protests for Bilkis Bano of Shaheen Bagh

Kangana Ranaut had commented on Twitter that the Shaheen Bagh Dadi was available on hire for appearing in protests. She had deleted her tweet later.

Mask violators to compulsorily serve at COVID-19 community centres: Gujarat High Court directs State to issue notice

The Gujarat High Court observed that monetary fines were not a sufficient enough deterrence for people to conform to COVID-19 guidelines and protocols

Recently Popular

Indian man proposes to his Australian girlfriend during Ind vs Aus cricket match, here is what happened next

While India's performance has been below par, netizens found happiness in the unusual proposal that became the highlight of the match.

Yogi snubs Trudeau, deputes bureaucrats to welcome the Canadian PM

The Canadian PM seems to be getting differential treatment

Indian Idol contestant reveals how she faced opposition from conservative Muslim society as singing is ‘not allowed’

The Indian Idol contestant revealed how women in her society are looked down upon if they try to excel in any field.

Ex-Indian cricketer Yuvraj Singh’s father Yograj Singh joins Farmer’s protests, justifies “Indira thok di” comment

Multiple videos of Yograj Singh, Yuvraj Singh's father, have gone viral on social media where he has been giving provocative speeches amid the ongoing farmer protests

Shiv Sena to organise Azaan recitation competition, party leader calls it as important as ‘Maha Aarti’

Shiv Sena is to bear the cost of the event and will also reward the contest winners.

Instead of answering allegations, Shehla Rashid decides to run away from a live show, calls her father ‘greedy’

Shehla Rashid, JNU student leader, has been accused by her biological father Abdul Rashid Shora, of taking Rs 3 crore from terror funding accused Zahoor Vatali and Rashid Engineer.

Govt of India orders Wikipedia to remove an image showing wrong map of Jammu and Kashmir

This matter was flagged by a Twitter user asking government to take action against Wikipedia for displaying a wrong map of India

‘Jinnah did everything that is banned in Islam’: Images of alcoholic drink ‘Ginnah’ named after Pakistan founder Muhammad Ali Jinnah go viral

A photo of a gin bottle 'Ginnah', eponymously named after Pakistan's founder Muhammad Ali Jinnah, has gone viral on social media websites

Even pandering doesn’t get India Today a free pass: Here is why ‘liberals’ are today cancelling Rajdeep and Rahul Kanwal

'Liberals' are cancelling India Today, Rajdeep Sardesai and Rahul Kanwal over their coverage of the allegations against Shehla Rashid

Pro-AAP blogger Dhruv Rathee wants foreign interference in country’s internal matters to offer Indians a solution

Dhruv Rathee claimed that India’s institutions have already been hijacked and have become puppets at the hands of Modi government

Captain Amarinder Singh hits out at Arvind Kejriwal, Kejriwal hits back but ends up making no sense: Read what happened

Arvind Kejriwal accused Amarinder SIngh of playing 'low level politics', after Singh slammed him for notiyig a farm law they are opposing

Yogi Adityanath responds to Shiv Sena’s Sanjay Raut, busts claim about UP wanting to take film city away from Maharashtra

CM Yogi had announced that country's biggest Film City would be established at Gautam Buddh Nagar in Uttar Pradesh.

Raut gives bizarre analogy trying to defend party after Azan row: Here are 4 things that he could have meant

Sanjay Raut came up with an absurd analogy in Shiv Sena mouthpiece Saamana to ward off criticism over azaan recitation competition

Zombie Mink: Hundreds of mink carcasses emerge from the burial trenches in Denmark after mass-culling exercise

Dubbed as Zombie mink, the farm mink that were culled to prevent Covid-19 outbreak have 'emerged from their graves' in Denmark.

The return of ‘Award Wapsi’: As farmers protest continue, former Punjab sportspersons want to return awards

Punjab sportspersons have claimed that they will go to Delhi on 5th December and put their awards outside Rashtrapati Bhavan

Supreme Court asks UP government to make zig-zag roads to avoid felling of trees for Krishna Govardhan Road Project

The Supreme Court said that building roads in a zig-zag way would reduce the speed of vehicles which would reduce accidents .

Connect with us

245,563FansLike
492,165FollowersFollow
20,300SubscribersSubscribe