06 October 2017

Pin It

Is it Rs. 23,000 Crore Spectrum Scam making by BJP Government

Is it Rs. 23,000 Crore Spectrum Scam making by BJP Government

How Spectrum Scam happened in BJP government?

The auction policy for spectrum was decided by the Supreme Court in 2012 while hearing the '2G case'." The court had ruled that the State should have no discretion in the allotment of natural resources

The Spectrum scam happened indirectly, BJP government is not ready to help farmers who are committing suicide but BJP government is always ahead to help the rich business houses and families.

"The government is unilaterally deferring the recovery of the spectrum auction amount by six years, thereby causing an interest loss of Rs 23,821 crore. The BJP had made a notional loss pegged by the CAG (comptroller and auditor-general) in the telecom sector a major issue of corruption and now it is acting as a wilful collaborator with the select corporate entities in causing losses to the public exchequer."

Facts of the Spectrum Scam –
On August 8, 2016, the government invited (participants in the) auction of spectrum.

The terms of the auction required an upfront payment of 50 per cent and 25 per cent (for different sets of bands) of the final bid amount and the balance in 13 years.

No payments needed to be made in the first three years and the remaining amount had to be paid in 10 equal annual instalments.

"The auction ended on October 6, 2016, with a value of Rs 65,789.12 crore.
"The auction amount was itself a setback for the BJP Modi government as it expected Rs 80,000 crore. Even the budget for 2017 had pegged the revenue target from spectrum sale at Rs 98,995 crore.

Of this, the upfront amount to be paid was Rs 32,000 crore and the balance amount to be paid in instalments was Rs 33,789.12 crore.

There were three successful bidders –
1-Reliance Jio (269.9MHz for Rs 13,672 crore
2-Airtel (173.8MHz for Rs 14,244 crore
3-Idea (349.20MHz for Rs 12,798 crore

To help the telecom companies in a clandestine manner, an inter-ministerial committee comprising the telecom and finance ministries was constituted and it decided to alter the auction terms by recommending the payment of Rs 33,789.12 crore within 16 years (19 years after counting the no-payment period of three years) instead of the original 10 years,"

"The telecom ministry and the telecom commission have both put their stamp of approval on this blatant abuse of authority and it is now awaiting the seal of approval from the Union cabinet.

Extension of the period will mean interest loss at the rate of 9.3 per cent (as prescribed by the tender conditions), to the tune of Rs 23,821 crore."

The government's stand is that the three telecom companies are facing adverse financial conditions and deserve relief.

If all 3 companies are facing problems how is that they are still in the list of richest persons of India, top profit making companies or in a list of rich people of India Government needs to tell them take zero salaries and repay the money to government of India that is citizens of India.

Who is the owner of Government money?
Government money is owned by citizens of India
Government properly is owned by Citizens of India
Government debt is always paid by Citizens of India.
Loss to government of India means loss to each citizen of India.

Reality views by sm –

Friday, October 6, 2017

Tags – BJP Spectrum Scam Rs. 23,000 Crore