The Congress has always described demonetisation as the “biggest scam” of the country and alleged that it “may have helped criminals to monetise by looting the treasury and the poor”.
Prime Minister Narendra Modi is also called out for “sleeping” and not ordering probe despite “evidence” about “the loot”. In official press conferences, the Congress has questioned several times:
“Why was the chowkidar asleep when all this happened? The absence of an investigation suggests that those involved in this loot are being protected. Those who have collaborated with corruption cannot pretend to be clean.”
Have you ever wondered why have there been No Scams reported during past five years. The reasons for the same are listed below:
- Modi Govt has systematically introduced Laws which Prevent reporting & investigation of bribery and scams
- This actually encourages black money
Change in Laws:
- Arbitration and Conciliation (Amendment) Bill, 2018 made a number of significant changes which sets back India several decades
- Most troubling aspect of the Bill is the proposed constitution of the Arbitration Council of India (ACI) to act as regulator of arbitrators and arbitrations
- In a country where the Government is the biggest litigant, it cannot act as a supervisor over the very arbitrators who are hearing cases against the Government
- The Bill as proposed introduces a blanket confidentiality requirement in arbitration
This defeats the very purpose of which the case needs to be fought about
- Under the Amendment Bill now, the threshold of intent needs to be proven to be mala fide, or the intent to commit a crime
- If one can’t prove intent, there is ‘no case’ even if the accused has disproportionate assets. Unlike earlier, a Corruption Charge needs to be reported within 7 days, else, it becomes irrelevant
- Criminal misconduct under earlier law covered a wide array of offences including taking bribe obtaining pecuniary advantage in future without public advantage
- Misappropriating of property
- Amassing assets disproportionate to known sources of income for “Oneself”
Pre-investigation Approval Must
Now, a police officer will need prior approval of relevant authority (Ministry) to begin investigation which was not the case earlier.
Have we heard a word on Lokpal and Lokayuktas in past five years?
- A Lokpal is an anti-corruption authority or body of ombudsman who represents the public interest
- The power to give sanctions for Corruption investigations lies with the Lokpal
- Non-Implementation of Lokpal and Lokayuktas Act Nullifies Anti-corruption law
- Despite this, the government did not implement the Lokpal and Lokayuktas Act which was passed in 2013
Removal of Jewelry Purchases from Prevention of Money Laundering Act (PMLA):
- Under the Prevention of Money Laundering Act (PMLA), every reporting entity (“The Jeweller”) is required to maintain records including KYC of all transactions, of value exceeding Rs 50,000 in the case of jewellery purchases
- PMLA applies to financial transactions like depositing cash, buying a Mutual Fund, Insurance, Vehicle in excess of Rs 50,000
- But the Modi government just before Gujarat Elections excluded the Jewellery industry from PMLA requirements
- Effectively anybody could purchase Jewellery upto Rs 200,000 without reporting (break up billing <2 lacs)
- The upper limit (7.5% of Profits) of Political funding was removed
- Thereby, even loss making companies could make a political donation
- Effectively, corporate lobbying was legalised via a back-door channel
HAVE YOU EVER WONDERED WHY HAVE THERE BEEN NO SCAMS REPORTED during past 5 years ?
There is REASON.
Modi Govt has SYSTEMATICALLY introduced Laws which Prevent reporting & investigation of BRIBERY /SCAMS and actually encourage BLACK MONEY. This thread explains this in Detail. https://t.co/8Qipvqux91
— Salaried&Taxpayer (@SalariedTaxpay1) May 15, 2019
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