RSS chief for relook at quota policy

New Delhi, May 13: Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs.

This will benefit 45 lakh small businesses, she said detailing parts of the Rs 20 lakh crore economic stimulus package.

The loan will have 4-year tenure and will have a 12-month moratorium, she said.

Also, Rs 20,000 crore subordinated debt will be provided for stressed MSMEs, she said adding this would benefit 2 lakh such businesses.

The Finance Minister said a fund of funds for MSME is being created, which will infuse Rs 50,000 crore equity in MSMEs with growth potentials.

Also, MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now.

Also units with turnover up to Rs 5 crore to be called micro-units, she said, adding a turnover based criteria is being introduced to define small businesses.

The investment and turnover limits for small and medium businesses have likewise been raised to allow them to retain fiscal and other benefits, she said.

Global tenders will be banned for government procurement up to Rs 200 crore, she said, adding this would help MSMEs to compete and supply in government tenders.

New Delhi, Apr 28: Outstanding loans amounting to Rs 68,607 crore of top 50 wilful bank loan defaulters in the country including firms of Mehul Choksi and Vijay Mallya have been technically written off till September 30, 2019, the Reserve Bank of India said in a RTI reply.

Absconding dimantaire Choksi's company Gitanjali Gems tops the list of these defaulters with a whopping amount of Rs 5,492 crore, according to the list.

This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore.

Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies.

Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.

Forever Precious Jewellery and Diamonds Private Limited has loans of Rs 1,962 crore written off while Deccan Chronicle Holdings Limited have Rs 1915 crore written off loans.

Choksi's other firms Gili India and Nakshatra Brands also have loans of Rs 1,447 and Rs 1109 crore respectively written off.

REI Agro of Jhunjhunwala brothers is already under the scanner of ED. The CBI and ED are also probing alleged fraud by the owners of Winsome Diamonds.

Vikram Kothari's Rotomac is the fourth in the list. He and his son Rahul Kothari were arrested by the CBI for bank loan default.

In the last Parliament session, Rahul Gandhi had asked the government to provide a list of top 50 bank loans defaulters in the country, leading to sharp exchanges and uproar in the Lok Sabha.

"The information on top 50 wilful defaulters and their sum of funded amount outstanding and amount technically/prudentially written off as on September 30, 2019 reported in CRILC by banks, is provided," the RBI said in its written response dated April 24.

In his application, RTI activist Saket Gokhale had sought the list of defaulters as on February 16, but the RBI said the requested information is not available.

The RBI said that according to section 8 (1)(a) of RTI Act 2005 read with para 77 of Supreme Court judgement of December 16, 2015 in Jayantilal N Mistry case, information on overseas borrowers is exempted from public disclosure.

"Data is as reported by banks and RBI will not be held responsibly or accountable for any misreporting and/or incorrect reporting by the reporting entities," the RBI said in the written reply to the RTI query.

Mumbai, Jun 27: The Shiv Sena on Saturday hit out at the BJP over its charge that the Rajiv Gandhi Foundation (RGF) had accepted donations from the Chinese embassy, and asked it whether the issue had any connection with intrusion by the neighbouring country in Ladakh and the martyrdom of 20 Indian soldiers.

The Sena also alleged that those raising questions against the government over the standoff with China were being labelled as Chinese agents by the BJP.

BJP chief J P Nadda had on Thursday targeted the Congress and the Gandhi family saying that the RGF had allegedly accepted donations from the Chinese embassy. Hitting back, the Congress had said that the RGF issue raised by the BJP government was a "manufactured charge" and "diversionary tactic" to deflect attention from the LAC crisis.

"What do you mean by Congress gets money from China? Instead of responding to the issues raised by Sonia Gandhi and Rahul Gandhi over the Chinese incursions, the BJP leaders accused the Congress of receiving funds from China," the Sena said in an editorial in party mouthpiece 'Saamana'.

"Will BJP's revelations about the donations stop the Chinese activities along the border? The BJP should tell what connection does these donations have with the Chinese incursion and the martyrdom of 20 soldiers," it added.

"In our country, many political leaders and parties, and not just the Congress, are beneficiaries of foreign countries. The BJP speaking about this is like throwing stones in the mud," it said.

The Uddhav Thackeray-led party said that Chinese President Xi Jinping visited India twice in the last six years.

"He was hosted in Gujarat. But it is a fact that China has betrayed. Holding talks on the one hand and continuing with the offensive along the border on the other hand is China's old policy," it said.

In the present scenario, the entire country stands firmly with PM Modi. This crisis is not for the BJP or the Congress, but for the entire country, whose prestige is at stake, it said.

"The BJP can fight with the Congress any time later.

But now is the time to fight against China. It should speak on that," the Sena said.