Tuesday, August 11, 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.”

- Advertisement -

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

The international links of Indian Communists: How India’s communists betrayed the nation

The Communist Party of India is one of the most controversial political parties in the country. Founded in 1925, CPI is alleged to have been directly involved in several anti-national activities since its inception.

People who think govt control of temples will rid them of inter-jati conflict assume that a pro-Hindu govt will always be in power

Viewing it through the single lenses of govt control, though, does not do justice to the various other aspects of society within which these temples are situated

DU Professor Apoorvanand mastermind behind the Delhi riots conspiracy, says Delhi riots accused Gulfisha

DU Professor Apoorvanand had already warned the students that riots would ensue and asked them to be prepared with stones, bottles, acid, knives and dry chilli powder

After requesting CBI inquiry in Sushant Singh Rajput death case, Rhea Chakraborty objects to the same, invokes Bihar elections

Rhea Chakraborty insinuates that Sushant's death was being isolated and blown out of proportion in wake of elections in Bihar

Indians, how they get ‘secularism’ so horribly wrong and how the atmosphere changed after Islam and Christianity entered India

Indians are generally highly intelligent. Yet when it comes to secularism, most intellectuals, media and politicians get the concept wrong, so wrong that it looks as if Indians were purposely fed wrong information.

Meet Kanta Murti, the woman who guarded a manhole and saved hundreds of lives as heavy rains flooded Mumbai

Kanta Murti, a 50-year-old pavement dweller, was seen in a viral video guarding an open manhole for 7 hours in Mumbai’s Matunga

Recently Popular

Who really is Binod? Read how one Youtube comment triggered a bizarre meme fest

The name 'Binod', which has now become the talk of the town and trending on Twitter, originated from a YouTube channel 'Slayy Point'

Sushant Singh Rajput’s brother-in-law gives a befitting reply to toxic journalism of Shekhar Gupta’s portal

Sushant Singh Rajput's brother-in-law Vishal Kirti on Sunday slammed Shekhar Gupta and his portal for toxic journalism.

Reports claim Sushant Singh Rajput’s former manager Disha Salian’s post-mortem report says she was found nude after her death, Mumbai police deny the reports

According to the post-mortem report of Disha Salian, her body was found nude, which was not revealed by the police so far

Rhea Chakraborty leaks WhatsApp conversation to accuse that Sushant Singh Rajput considered his sister Priyanka as ‘pure evil’

Rhea Chakraborty tries to prove that Sushant Singh Rajput did not like his family, releases chat messages with him

Pakistan: Maulvi rapes child reading Quran in mosque in Sindh province, caught on CCTV

Muslim Cleric in Sindh province in Pakistan on the run after video of hem raping a child inside a mosque emerges, case registered

“Delete the video or there will be negative consequences,” Chinese embassy threatens India based strategic affairs portal over a critical video on Xi Jinping

Chinese authorities were irked with the portrayal of Xi Jinping in a 'negative light' by Indian portal 'Strat News Global run by Nitin A Gokhale

Naach na jaane aangan tedha: Now Shashi Tharoor refuses to accept Rahul Gandhi could lose one more poll

Shashi Tharoor quoted a Twitter poll with just 7,716 votes, ran by a Congress functionary, to claim Congress should be voted to power

Chhattisgarh: Masarsa teacher arrested for raping a 9 year old girl in Raipur

A Maulana, Mohammed Arshad Rehmani, has been arrested in Raipur, Chhattisgarh for the alleged rape of a minor.

Pilot flies back to home turf? After weeks of political drama, Sachin Pilot says Ashok Gehlot is his leader

Rebel Congress MLA Sachin Pilot has bent the knee before Rajasthan CM Ashok Gehlot and accepted him as his leader.

Rajasthan battles policemen suicides: 6 suicides in 2 months, most recent being that of constable Yogindra Singh

The series of last two months cases in Rajasthan where policemen died of suicide, started with SHO Vishnu Dutt Vishnoi's death

The international links of Indian Communists: How India’s communists betrayed the nation

The Communist Party of India is one of the most controversial political parties in the country. Founded in 1925, CPI is alleged to have been directly involved in several anti-national activities since its inception.

Controversy in Pakistan after actress Saba Qamar shoots song in a Mosque, officers sacked

Actors issue apology in Pakistan for shooting for a song in a Lahore mosque.

Supreme Court refuses to accept ‘regret’ of Prashant Bhushan for 2009 contempt case, says proceedings will go on

While Tejpal offered an apology for publishing the interview in 2009, Bhushan said that his allegations were not referring to the financial status of the judges or their families but the lack of propriety.

People who think govt control of temples will rid them of inter-jati conflict assume that a pro-Hindu govt will always be in power

Viewing it through the single lenses of govt control, though, does not do justice to the various other aspects of society within which these temples are situated

Shah Faesal steps down as president of political party he founded, could return to administrative services

Shah Faesal has stepped down as the president of the Jammu and Kashmir Peoples Movement (JKPM).

Connect with us

239,751FansLike
426,104FollowersFollow
294,000SubscribersSubscribe