SARADHA SCAM !!!

An Agent of Saradha Chit Fund Company:- Look at me, Sir! At present, I am earning around 40,000 INR per month and that too in a rural village of Bengal. Even the experienced LIC agents don’t earn that much money in a month.

A reputed Headmaster of a village school of Bengal:- How are you becoming so rich?

An Agent of Saradha Chit Fund Company:- If anyone invests around 2 lakhs INR in Saradha Company for 6 months, then he will get 4 lakhs in return after 6 months. As that person has invested 2 lakhs through an agent like me, so, as an agent, I will get 30% commission on the invested value of my client. That is; I will get 60,000 INR for any investment of 2 lakhs INR. Become an agent of our Saradha Company and also invest some money in our company. Within a year or so, you will become a rich man. 

A reputed Headmaster of a village school of Bengal:- Ok! I will join Saradha Company as an agent and I will also invest some money in this Chit Fund Company.

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A Farmer:- The Headmaster of our village has invested around 4 lakhs INR in Saradha Company. Now, a headmaster is not a fool to invest such huge money in that Chit Fund Company. After all, he is a learned person. We will also withdraw major portion of our savings from several PSU Banks to invest in Saradha Company.

A Labourer:- Yeah! I will also do the same. Even, I will tell my wife to withdraw some money from their SHG Account in a PSU Bank and invest the money in Saradha Chit Fund Company.

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A retired teacher of a primary school:- I want to withdraw all my fixed deposits from this PSU Bank. Even, I will withdraw 90% of the money from my savings account. This PSU Bank is giving 9% interest on Fixed Deposits for 1 year. Look at Saradha Company, they are doubling the invested money within 6 months.

A staff of an PSU Bank:- As a primary teacher, you have no idea about Economics as well as about Indian Economy. Not a single company can give you such a high interest on Term Deposits in this scenario of global recession. Anyway, you can withdraw all your money from our Bank. 

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An MLA of a Panchayat of Rural Bengal:- Invest in Saradha Group of Companies. Saradha Company has made Bengal proud. Bengal Government will give all types of support to Saradha Company. Saradha Company has created so many employments in Bengal. If you invest in Saradha, you are not only doubling your money, but, you are also generating new employment.

Villagers of Bengal (while applauding):- Baah! Baah! This new Bengal Government is really doing wonders for us. We will invest in Saradha. 

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A top leader of a political Party in Bengal:- We need some more funds for the upcoming Panchayat Election of Bengal. Don’t forget that due to our support, your company has been able to get complete clearance from SEBI. 

A top shareholder of Saradha Group of Companies:- The cost of operation of Saradha Company has increased by so much that we are unable to siphon out money for your political party anymore. 

A top leader of a political Party in Bengal:- Accha! Ok! Now, we will see how Saradha Company exists.

A top shareholder of Saradha Group of Companies:- If your party does anything silly, then our boss will disclose everything about your party workers. It will hamper the image of your political party before the upcoming panchayat election. 

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A staff of an PSU Bank:- The retired school teacher of a primary school tried to commit suicide. Even some agents of Saradha Company has committed suicide. One agent got murdered too. Really, rural people are so greedy by nature and that greed factor has ruined their life now.

A Common Person of Bengal:- Not only Saradha; there are other Chit Fund companies too which are doing illegal business. MPS Greenery, Rose Valley, Kolkata Electricals, Tower Group, Alchemist, Sahara and Prayag are under the suspicious radar of SEBI. These Chit Fund Companies failed to get any response from urban areas or towns, but, they tapped the rural market very well, as most of the villagers are illiterate in Bengal. Chit Fund Companies are basically the Cheat Fund Companies.

An Income Tax Officer:- But, many agents of these Chit Fund Companies have earned too much money. Most of them have not kept those money in any bank account but kept it hidden somewhere. We are planning to do surprise raids at the houses of those agents of Chit Fund Companies. But, one has to accept the fact that Bengal economy got ruined again and all the other states are laughing at Bengal after seeing such an unhealthy and feeble skeleton of Bengal Economy after the famous “SARADHA SCAM”.

REGENERATE REVENUES AND EASE EXPENDITURES !!!

Giriraj:- GDP growth of India came to its lowest point since 2008 at around 4.8% in the last half of 2012. Therefore, the industrialists, economists and politicians hinted about some economic reforms in the Budget of 2013-14. But, 2014 is a very crucial year for the UPA-II government as several scams and corruption have already ruined the image of Indian National Congress. Therefore, Chidambaram had no other options than to play some defensive shots to draw the match on the 5^th day instead of getting out in the 2^nd innings of the Test match by playing rash shots.

Meghdoot:- Chidambaram played the seam bowlers very well on a bouncy pitch. On one hand, he has not given too many advantages to the foreign companies, but, side by side, he has hinted that without some sound investments of the private sector companies, it is difficult to have a healthy GDP growth of Indian economy. Finance Ministry has allocated 10 billion rupees for ‘Nirbhaya’ fund. The Delhi gangrape of December 2012 compelled UPA-II to do something for the rape victims. But, where from this new expense will get adjusted?

Arindam:- Are you earning more than 1 crore rupees in a year? Then, you have to pay 10% surcharge on your income. Only around 43,000 taxpayers in India have their annual income over 10 million rupees. Are you a chain smoker? Don’t worry; you just need to pay some extra bucks to buy cigarettes. Pay more money and become a cancer patient. On the other hand, the tobacco companies like ITC will increase their PAT. As their PAT increases, the extra increase of corporate taxes and other excise duties will automatically increase the revenues of Indian Government. Dividend distribution surcharge got raised to 10% from 5%. 

Chandramukhi:- Ok! We understand that by increasing taxes and surcharges on certain things, the Indian Government can manage to do some expenses. But, still, the fiscal deficit will increase if you look at the recent allocations. Allocation of 330 billion rupees for rural employment schemes! Recently, we have found out that several panchayat samity members are taking around 10% commissions from the labourers for each 100 day work they do. So, is it not just an increased allocation to make panchayat members richer? 273 billion rupees for Sarba Shiksha Mission! Can anyone provide me the statistics how many villagers have really become literate enough? How many villages really get the benefits of Sarba Shiksha Mission?

Meghdoot:- You are going in too much depth. Everyone knows that around 30% of the funds of these schemes are really wastage. We can’t help it. India is yet to have a systematic top-down efficient monitoring system in its Panchayati Raj. What has Chidambaram declared for the infrastructure of our domestic sectors?

Giriraj:- Nothing so significant in this budget. But, yes, SIDBI’s refinance capacity has been doubled to 100 billion rupees. Even the Rural Infrastructure Development Fund corpus got raised to 200 billion rupees. Why 140 billion rupees got allocated to PSU Banks for recapitalization? Banking Bill has passed. Bipartite settlement may take place in 2013 itself. Mergers may happen for several PSU Banks. Then, why such allocations have been done in this budget?

Arindam:- Oh! There is a long story behind it. But, I must admit that there are some positive things for Banking and Insurance sectors in this Budget. When Allahabad Bank started acting as a corporate agent for LIC, many PSU Banks criticized the move. But, now, Finance Ministry wants all the rural people to have at least one life insurance from LIC and that through any PSU Bank. Private Insurance companies may get a good chance to enter Indian market if the Insurance and Pension Bills get passed. So, LIC may do far better in challenging scenarios to tap at least 60% of rural India under its insurance coverage schemes. Special emphasis given on creating Women’s Bank. Are Banks rejecting the loan proposals of women? Strange! Post offices have lost its glamorous and glorious days. So, it is a good move to transform post offices as CBS enabled mini banks. Many critics said that Budget 2013-14 is a very sleepy budget, but, one must not forget that Chidambaram is also a contender for the post of PM in 2014 polls. UPA-II suggested FM to “REGENERATE REVENUES AND EASE EXPENDITURES”.