Finance Minister Nirmala Sitharaman on Monday stated that banks have recovered Rs 13,109.17 crore from the sale of properties of fugitives like Vijay Mallya, Nirav Modi and Mehul Choksi.
He stated this whereas replying to a dialogue on the second batch of Supplementary Demands for Grants permitted by the Lok Sabha amid uproar by the opposition on numerous points.
The supplementary calls for for grants approved the federal government to spend a further Rs 3.73 lakh crore throughout the present monetary yr.
The further bills embody funding of over Rs 62,000 crore within the firm, which has residual belongings and liabilities of Air India, Rs 58,430 crore as further fertilizer subsidy, Rs 53,123 crore for cost of pending export incentives and to the Ministry of Rural Development. 22,039 crore consists of Rs. For switch to the National Rural Employment Guarantee Fund.
Speaking on the restoration of banks from willful defaulters, he stated that as per the knowledge offered by the Enforcement Directorate (ED), a complete of Rs 13,109.17 crore has been recovered from the sale of belongings of Vijay Mallya, Nirav Modi and Mehul Choksi until July 2021. ,
He stated the newest restoration was Rs 792 crore from the sale of belongings of Mallya and others on July 16, 2021.
Responding to varied points together with value hike raised by the opposition throughout the debate, he stated that the federal government is taking measures to deliver down the costs of edible oil and different important commodities.
“We are taking measures by way of EGoM (Empowered Group of Ministers) to take care of important commodities. We will deal with the issue of edible oil value and a few important meals gadgets.
“Public sector banks together have recovered about Rs 5.49 lakh crore in the last seven financial years. So, these people who are defaulters who have fled the country, we have got their money back and put it in public sector banks and hence banks are safe today,” she stated.
He additional stated that depositors’ cash is protected in public sector banks.
On the monetary place of the states, the Finance Minister stated that the Center has already transferred 86.4 per cent of the quantity offered in the complete yr 2019-20 within the first eight months of the monetary yr.
On behalf of the National Disaster Response Fund (NDRF), “funds are being provided and an additional Rs 15,000 crore is being provided for emergency COVID-19 response. The financial position of the states is also reflected in the fact that the total cash balance of the states as on November 30, 2021 was around Rs 3.08 lakh crore, which was quite a comfortable position”, he stated.
He additional stated that states have adequate money steadiness and there are few exceptions.
He stated that out of 28 states, solely two states have detrimental money balances.
Talking concerning the supplementary calls for for grants, Sitharaman stated the extra expenditure is Rs 3.73 lakh crore.
Of which, he stated, Rs 2.99 lakh crore is more money outlay as large ticket spend for Air India and enhance in fertilizer subsidy on account of firming international costs.
“We have to ensure that farmers do not suffer because of this (increased global prices). And hence, an increase in subsidy has been provided for fertiliser, which is Rs 58,431 crore,” she stated.
Sitharaman additionally stated that the federal government has paid round Rs 93,685 crore for oil bonds since 2014.
He stated the federal government must pay by 2026 till the oil bonds mature.
Quoting former Prime Minister Manmohan Singh, she stated, “I want the country to remember that issuing bonds on oil companies and loading losses is not a permanent solution to this problem. We are passing our burden only on our children, whom it is doing.” As per the Supplementary Demands for Grants, there can be a internet money outlay of over Rs 2.99 lakh crore, and a further expenditure of Rs 74,517 crore can be met from financial savings by numerous ministries.
According to the doc, Rs 62,057 crore can be given to the civil aviation ministry for fairness funding in Air India Assets Holding Company (AIAHL) as assured borrowings by the earlier authorities and reimbursement of previous dues/liabilities of Air India.
As per the Supplementary Demands for Grants, a further Rs 2,628 crore can be given as loans and advances to Air India for reimbursement of advances from the Contingency Fund of India.
In addition, a further Rs 49,805 crore can be given to the Department of Food and Public Distribution to fulfill the expenditure on numerous schemes of meals storage and warehousing.
About Rs 2,400 crore can be given to the commerce division for expenditure on subsidy underneath the ‘Interest Equalization Scheme’ and for funding underneath the Export Credit Guarantee Corporation (ECGC) scheme.
More than Rs 5,000 crore and over Rs 4,000 crore have been earmarked for added expenditure by the Defense and Home Ministries respectively.
The complete expenditure of the federal government within the funds for 2021-22 was estimated at Rs 34.83 lakh crore. But that is anticipated to extend additional in view of the 2 batches of Supplementary Demands for Grants submitted by the federal government to this point.
The authorities had obtained Parliament’s nod in August for a internet further expenditure of Rs 23,675 crore within the first batch of supplementary calls for for grants. PTI DP CS
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With inputs from TheIndianEXPRESS
