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FM Chidambaram speaks tough

New Delhi, Nov 19 () : Finance Minister (FM) P Chidambaram made it clear that public sector utilities who are reluctant to invest the surplus cash in growth would lose that amount.

FM  had observed that PSUs are sitting on a cash pile which is idling and that money has to be pumped back to fuel growth and if they are not game for it, then the excess money would go to the exchequer said FM.

FM in a defiant mood said that like the CAG went wrong on 2G spectrum, the coal block allocation loss of Rs 1.86 k cr was just a myth. He said those who had the blocks just could not operate. So where is the loss? asks FM. He defends Raja but says that if the method was not right it is a different matter.

FM says SEBI would get access to call data records of those it is investigating for insider trading and other violations. He said the situation in US was different due to which Rajat Gupta was jailed. He said that here SEBI does not even have methods to know even if two people speak to each other. He said that SEBI will get data records but on their own they cannot tap any phones.

FM said that GAAR amendments were submitted to PMO and it would clear all foreign investors’ fears. There would be no more measures like cap on LPG or rise in petro products till next budget and FM added that Oil Ministry can take a decision on the LPG cylinders cap of 6 per year.

FM denied that his ministry and RBI were at loggerheads. He said RBI was only being cautious. On FDI in aviation,it is spread across sectors like ground cargo handling, greenfield airports and business aviation and in airlines, the investment was only 0.25% of the total FDI investment in India, he pointed out. He said increasing the limit from 49% to 51% is not going to bring investors since the airline owners are not willing to give up control.